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More Americans Are Stuck With the Jobs They Can Get, Not the Ones They Want
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Good morning, CFOs. U.S. unemployment rate remains low at 4.3% but there are deepening signs of struggle; companies' pension funding increased in August; why UnitedHealth is spending big on Trump allies.
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One in four people looking for work has been unemployed for at least six months. PHOTO: SPENCER PLATT/GETTY IMAGES
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The faltering U.S. labor market is pushing more Americans into part-time work and other roles they don’t want, and that don’t always pay the bills, economic correspondent Harriet Torry reports in her latest piece on employment in America.
The latest data: The official unemployment rate in the U.S. remains low at 4.3%. But under the surface, there are deepening signs of struggle for people looking for stable, full-time work in a time when hiring has slowed significantly.
A separate measure of unemployment, which includes people working part-time who would prefer a full-time job and people who are so discouraged they’ve stopped looking for work, is much higher. That rate hit 8.1% in August, its highest in nearly four years.
“There are more people finding themselves in a delicate position when it comes to their opportunities to find work and bounce back” after leaving a job, said Gregory Daco, chief economist at EY-Parthenon.
✏️ Share your thoughts: What is your outlook on the job market right now? Join the conversation at the end of the story here.
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Content from our sponsor: Deloitte
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As Regulatory Path Takes Shape, Crypto Growth Could Accelerate
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Regulatory collaboration may clear a path for spot crypto asset trading. Organizations can assess risks and opportunities in capital formation, product development, and technology readiness. Read More
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Monday
The Federal Reserve Bank of New York releases the Empire State Manufacturing Survey for September.
Tuesday
Earnings: Ferguson Enterprises
The Census Bureau reports retail sales data for August.
The National Association of Home Builders releases its Housing Market Index for September.
Wednesday
Earnings: Bullish, General Mills
The Census Bureau reports new residential construction data for August.
The FOMC releases its monetary policy decision as well as its quarterly Summary of Economic Projections.
Thursday
Earnings: Darden Restaurants, FactSet Research Systems, FedEx and Lennar
Friday
The Bank of Japan announces its monetary policy decision.
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Companies' Pension Funding Increased in August
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The estimated funding level of pension plans sponsored by S&P 1500 companies increased 1 percentage point in August to 109% as a result of an increase in domestic equities, according to consulting firm Mercer LLC. As of the end of August, the plans' estimated aggregate surplus increased by $20 billion, to $136 billion, compared with a $116 billion surplus at the end of July, Mercer said.
"We saw the interest rate curve steepen, with long-term rates rising and short-term rates falling, which could have various impacts on companies within the S&P 1500 depending on the duration of their plans," said Mercer partner Scott Jarboe.
—Jennifer Williams
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What Else Matters to CFOs
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A Coca-Cola ’made-in-Germany’ ad in Hamburg. PHOTO: IMAGO/ZUMA PRESS
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Iconic U.S. brands have a new pitch for European consumers: We’re from here, too.
Over the summer, Coca-Cola wooed Germans with a “made-in-Germany” campaign and stressed its British credentials with a miniseries about mom-and-pop retailers.
Earlier in the year, another American icon, McDonald’s, trumpeted its local ties in its own ad campaign, telling Germans it was employing more than 60,000 people in the country and would invest 3 billion euros, equivalent to roughly $3.5 billion, in the market in coming years.
For decades, illustrious brands from Pepsi to Levi’s have traded on their American identity, much like Louis Vuitton stresses its French DNA or IKEA plays up its Scandinavian sensibility. But shifting global views about the U.S. are now complicating this calculus.
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Alkermes, the Dublin-based company's management committee, has hired Joshua Reed as the biopharmaceutical company's new chief financial officer. Alkermes said Reed most recently served as finance chief of biotechnology company Omega Therapeutics. Reed, 52 years old, will receive an annual base salary of $615,000 and an annual bonus with a target of 50% of his base pay, the company said. Alkermes in April said Iain Brown, its previous CFO, had died after a battle with cancer. Blair Jackson, the company's chief operating officer, has been serving as interim
principal financial officer since Brown went on medical leave last year.
—Colin Kellaher contributed to today’s Ledger.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy. Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew. You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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