Economy

Resilient Economy Demonstrated by September’s Booming Job Gains

Published

6 months ago

October 17, 2024

As we delve deeper into October, the recent employment data shines a spotlight on the remarkable resilience exhibited by the U.S. economy. The September jobs report, released by The Conference Board, has garnered significant attention, emphasizing a substantial addition of 254,000 jobs to the economy—the most significant surge since March. This impressive growth not only exceeds expectations but also highlights the underlying robustness of the labor market moving into the final quarter of 2024.

Breaking Down the Numbers

calculator and pen on table. Economy — Photo by Pixabay on Pexels.com

Initially, job growth from June to August seemed to be slowing, with monthly gains averaging 116,000. However, revisions have lifted this projection to an average of 140,000, before the substantial boost seen in September. As a result, the third quarter is closing with an average monthly payroll gain of 186,000. These upbeat figures underscore the idea that the Federal Reserve’s preemptive interest rate cut was well-timed, as risks that could slow the economy have yet to manifest.

Mitchell Barnes’ Expert Insight

Mitchell Barnes, an economist with The Conference Board, provides a detailed analysis of these trends. According to him, the robust job creation figures signal that the current economic landscape is more resilient than previously thought. “Despite potential headwinds, the labor market continues to thrive, supported by consistent income and spending growth,” Barnes notes. Such commentary from a seasoned economist offers reassurance that policymakers are equipped with data supporting the continuation of stable economic conditions.

Employment Landscape and Sector Shifts

The September report highlights notable growth within specific industries. Leisure and hospitality, healthcare, government, and construction have driven much of this year’s employment growth. These industries, previously hit hardest during the pandemic, are now successfully replenishing their workforce, underscoring a return to pre-pandemic staffing levels. Current job gains suggest near-full employment, with payrolls surpassing their February 2020 levels by around seven million.

Improved Job-finding Rates

Significantly, September showcases an improvement in job-finding rates as more than 300,000 workers who had been jobless for less than five weeks secured employment. This movement led to the unemployment rate dropping back to 4.1%, indicating an easing concern for a rapid rise in unemployment rates.

Moreover, the uptick in job openings to eight million, as seen in August’s JOLTS data, showcases growing demand, setting the stage for potential sustained growth moving forward.

Consumer Sentiment and Future Outlook

The Conference Board’s Consumer Confidence Survey® suggests that while some present conditions have softened, they haven’t significantly deteriorated. However, the outlook remains positive with incumbent workers enjoying high real wages and considerable job security. Consequently, consumer spending remains robust, providing further momentum to the economy.

Mitchell Barnes anticipates that economic growth will revitalize as early as 2025, as the Federal Reserve’s monetary policies continue to foster a conducive environment for development post-election. His analysis suggests that despite prevailing uncertainties, the current economic trajectory lacks the extended softness that many feared.

Resisting the Slowdown Narrative

The narrative of an impending economic slowdown seems increasingly misplaced. The U.S. economy, armed with robust household finances and sustained business activity, is steering ahead confidently into 2025.

The Conference Board: Trusted Insight

As a global independent research association, The Conference Board continues to offer trusted insights into the economic landscape. With over a century of experience, it remains committed to exploring the challenges and opportunities that lie ahead for economies worldwide.

In conclusion, September’s employment report not only underscores the resilience of the U.S. labor market but also fortifies confidence as we look forward to what’s ahead. As the economy edges closer to 2025, the emphasis remains on maintaining this momentum through informed policymaking and strategic investments in human capital.

Read the press release: September’s Booming Job Gains Underscore US Economy’s Resilience

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Related Topics:Economic Resilience Job Gains Labor Market Unemployment Rate

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Consumer Corner

Zelle Shuts Down Standalone App: Transitioning Users to Bank Platforms

Zelle’s standalone app ceased money transfers on April 1, 2025, requiring users to access the service via participating banks, enhancing security amid rising digital fraud.

Published

2 days ago

April 10, 2025

Rod Washington

On April 1, 2025, Zelle, one of the most widely used digital payment services in the United States, officially shut down the money transferring services available on its standalone mobile app. While the service itself is not disappearing, many users will need to adapt to a new way of accessing this popular tool for peer-to-peer payments.

Why It Matters

Zelle has established itself as a key player in the peer-to-peer payment market. It facilitates instantaneous transfers without fees between bank accounts, making it a foundational tool for consumers and small businesses alike. The change primarily affects those who previously used the Zelle app independently of their bank’s app or website. Users will now need to re-enroll with one of the 2,200 participating banks or credit unions that offer Zelle via their digital banking platforms.

What Is Happening to the App?

Though the standalone Zelle app has closed its money transfer services, users will still be able to access it. The app now provides a directory of the over 2,200 banks and credit unions that support Zelle. A recent press release indicates that the app will shift its focus to consumer education, particularly around scams and fraud prevention. According to an in-app alert accessed on April 4, users can continue to log into the app until August 11, 2025.

Why Is Zelle Shutting Down the App?

Zelle announced the decision to shut down its standalone app back in October 2024, noting that a significant majority of its users already access the service through their bank’s apps or websites. Since the announcement, the company has been phasing out enrollment and transaction capabilities within the standalone app. Late last year, Zelle communicated again via in-app alerts and emails, urging users to migrate to their bank or credit union’s platform to continue using the service.

In a statement regarding the shift, Zelle highlighted its remarkable growth, reporting that consumers and small businesses moved nearly half a trillion dollars on the platform in the first half of 2024, a 28% year-over-year increase. Initially launched in 2017 primarily for users whose financial institutions had not yet joined the network, Zelle has experienced widespread adoption across almost all major banks and credit unions.

Zelle’s decision may also be motivated by security concerns. With an uptick in fraud targeting digital payment apps, directing users through regulated financial institutions may afford them additional protection and oversight.

When Did the App Shut Down?

The standalone Zelle app ceased processing transactions on April 1, 2025. Users can no longer send or receive money via the app, and those who wish to continue using Zelle must re-enroll through a compatible bank or credit union’s mobile app or website.

How Will My Payments Be Affected?

Individuals who previously used the standalone Zelle app need to take action. They can no longer send or receive money via the app and must migrate to a bank or credit union that offers Zelle. Users who do not re-enroll through a partner institution should inform their senders accordingly.

To check if a specific bank supports Zelle, visit enroll.zellepay.com. Once logged into a bank’s mobile app or website, users can usually locate Zelle in the “Payments” or “Transfers” section. The transition may require users to verify their email address or phone number associated with their former Zelle account.

Fortunately, those using Zelle through their mobile banking app will not experience any changes and do not need to take further action.

How Many People Use Zelle?

As of June 2024, Zelle boasted 143 million consumer and small business accounts, with users executing money transfers 1.7 billion times in the previous year. The integration of Zelle into nearly all major U.S. banks indicates that it will likely retain its dominance in the digital payment space, despite the changes to its standalone application.

While the shutdown of Zelle’s standalone app marks a significant transition, the underlying service remains robust and widely utilized. By directing users to bank platforms, Zelle aims to enhance security and further solidify its position in the competitive landscape of digital payments. As users adapt to this change, Zelle continues to play a vital role in simplifying and securing money transfers across the country.

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News

Nissan Reduces Pricing for 2025 Rogue and Pathfinder: A Commitment to Value?

Published

7 days ago

April 6, 2025

Rod Washington

NASHVILLE, Tenn. – In a move that signifies its dedication to customer satisfaction and value, Nissan has announced significant reductions in the Manufacturer’s Suggested Retail Prices (MSRP) for two of its most popular models, the 2025 Rogue and 2025 Pathfinder. This strategic decision comes at a time when many consumers are navigating a challenging car-buying landscape, making affordability a key factor in their purchasing decisions.

Lower Prices for Greater Accessibility

The pricing adjustments span across all grades for both the Rogue and Pathfinder, reflecting Nissan’s commitment to ensuring that more customers can access quality vehicles without straining their budget. With rising costs affecting many households, these reductions are not just a reactive measure but a proactive step in continuing to provide exceptional value.

The 2025 Rogue, known for its versatility and efficient performance, will now appeal even more to families and individuals alike who prioritize both style and functionality in their vehicles. Meanwhile, the Pathfinder, a reliable and spacious SUV, caters to those needing extra room for travel, adventures, or daily commutes.

Why This Matters

For many buyers, feeling secure about their investment in a vehicle is paramount, especially when purchasing in today’s economic climate. By lowering the MSRP, Nissan aims to make the Rogue and Pathfinder not only more accessible but also more appealing as options in the competitive SUV market.

The decision to reduce prices aligns with Nissan’s larger strategy to maintain its customer-centric approach, fostering long-term relationships with buyers by ensuring they receive value for their investment.

What to Expect

As detailed in Nissan’s recent press release, prospective buyers can look forward to more competitive pricing as they explore their options. The enhanced value proposition of the 2025 Rogue and Pathfinder aims to provide customers with quality vehicles that meet their needs without compromising on features or reliability.

While specific pricing details were not fully disclosed in the press release, interested customers are encouraged to visit their local dealerships or check the official Nissan website for the latest updates and MSRP listings.

Conclusion

With the 2025 Rogue and Pathfinder, Nissan is not just reducing prices; it’s reaffirming its commitment to providing accessible, quality vehicles for all. By prioritizing affordability, Nissan continues to lead the way in understanding and addressing the needs of its customers in a rapidly changing market.

Stay updated on further developments and insights as Nissan continues to innovate and respond to the needs of car buyers everywhere. Whether you’re in the market for a spacious family SUV or a versatile crossover, Nissan’s latest offerings provide a compelling reason to consider these models.

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seniors

Discovering Scottsdale: The Best Place to Retire in the U.S.

Scottsdale, Arizona, has been named the best U.S. city for retirement, praised for its weather, active lifestyle, and quality of life.

Published

1 week ago

April 5, 2025

Charles Elliot

As a record number of Americans prepare to enter retirement in the coming years, many are seeking the ideal location to enjoy their golden years. According to the latest annual report from Niche.com, Scottsdale, Arizona, has emerged as the top city for retirement, praised for its exceptional weather, high quality of life, and vibrant active lifestyle.

In March, Niche.com unveiled its 11th annual Best Places to Live in America list. This comprehensive evaluation included data from the U.S. Census, the Bureau of Labor Statistics, and the CDC, thoughtfully combined with millions of resident reviews. The resulting analysis considered about 230 cities and over 18,000 communities across the nation, assessing factors such as affordability, the housing market, neighborhood diversity, public schools, and walkability.

So, what makes Scottsdale stand out as the ultimate retirement destination? As Zach Chatham, the public relations manager at Niche.com, shares, “Boasting some of the best weather in the United States, Scottsdale is the perfect oasis for retirement.” With an abundance of outdoor activities and numerous health and fitness options readily available, it’s no surprise that this Arizona city is ideal for those wishing to maintain an active lifestyle focused on longevity.

Scottsdale received an A rating overall, indicating its appeal as a place to live. The area is characterized by a dense suburban feel, with a high ownership rate among residents, which enhances the community atmosphere. The median rent is just above $1,900 monthly, while the median home price hovers around $710,000, reflecting the area’s desirability. Additionally, it earned a B+ rating for ethnic and economic diversity, showcasing the welcoming and varied community.

One resident encapsulated the allure of Scottsdale by stating, “Scottsdale, Arizona, is a really cool place with a mix of modern city life and Old West charm.” From breathtaking desert landscapes to culturally rich experiences like hiking Camelback Mountain or indulging in the nightlife in Old Town, there is no shortage of activities to enjoy. Although summers can be quite warm, the winters are pleasantly mild—an attractive factor for those looking to escape harsher climates. Those interested in golf, luxury resorts, or simply a lively atmosphere will find Scottsdale to be a perfect match.

Scottsdale is joined at the top of the list by other notable locations, including Clearwater, Florida; Metairie, Louisiana; St. Petersburg, Florida; and Cape Coral, Florida, rounding out the top five best places to retire.

Moreover, Scottsdale’s reputation as a premier retirement destination is further solidified by WalletHub’s previous rankings, recognizing the city for its high quality of life and abundant recreational activities. With over a quarter of Scottsdale’s residents aged 65 and over, it is clear that this city attracts retirees looking to make the most of their leisure years.

In summary, for those considering relocation during retirement, Scottsdale, Arizona, stands out as a vibrant oasis filled with opportunities for growth, relaxation, and adventure. Whether you’re drawn by the stunning scenery, diverse community, or active lifestyle options, Scottsdale promises an enriching backdrop for living life to the fullest in retirement.