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Job Growth Slows to 263,000 in September, Wage Growth at 0.3 Percent, Again

Wages have grown at a 0.3 percent rate for the last two months; a pace consistent with the Fed’s inflation target.
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Wages have grown at a 0.3 percent rate for the last two months; a pace consistent with the Fed’s inflation target.

The September employment report showed the labor market remains strong, however, wage growth appears to be moderating. The report showed a gain of 263,000 jobs, which is in line with most predictions. The unemployment rate edged back down to 3.5 percent, its lowest level in the last half-century.

Despite this strength, wage growth was just 0.3 percent in September, the same as in August. This is a pace that would be consistent with the Fed’s 2.0 percent inflation target.

The rate over a longer period is higher. Comparing the average for the last three months (July, August, September) with the prior three months (April, May, June), wages have been growing at a 4.8 percent annual rate. 

However, this is down from a 6.1 percent pace at the start of the year. Wage growth is clearly slowing rather than increasing as Beveridge Curve models would predict given vacancy rates.

Black Unemployment Ties for Recovery Low, Hispanic Unemployment Hits Record Low

The Black unemployment rate fell to 5.8 percent in September, reversing recent rises and tying for the low point in the recovery. The unemployment rate for Black teens fell to 12.7 percent, the second lowest ever, and lower than any pre-pandemic level. The unemployment rate for Hispanics fell to 3.8 percent, the lowest rate on record.

Most of the data in the household survey were very positive. The unemployment rate for foreign-born workers fell by 1.0 percentage point to 2.9 percent. The U-6 measure of labor market slack fell to 6.7 percent, tying the record lows hit this summer.  

Jobs Gains Widespread Across Sectors

Most sectors showed healthy job gains in September, with state and local governments being a notable exception. State and local government employment fell by 27,000 in September, partly reversing gains reported in August. This is likely largely a seasonal adjustment issue associated with changes in the timing of school openings. Still, state and local government employment is more than 600,000 below the pre-pandemic level. It is down 700,000 when adding the preliminary benchmark revision.

The flip side is that private sector growth has been more rapid. The private sector added 288,000 jobs in September. Employment is now 1.1 million above its pre-pandemic level, and more than 1.6 million higher, including the benchmark revision.

Construction Continues to Add Jobs, Manufacturing Jobs Nearly 100,000 Above Pre-Pandemic Levels

Construction added 19,000 in September, with even residential construction continuing to add jobs despite the plunge in housing starts. There is a huge backlog of unfinished homes due to supply chain problems, and workers are needed to complete them. 

Manufacturing added 22,000 jobs in September. Employment is now almost 100,000 above the pre-pandemic level. It would be almost 120,000 higher with the benchmark revisions.

Airlines added 2,800 jobs in September, employment is now more than 50,000 (almost 10.0 percent) above the pre-pandemic level. Restaurants were again a big job gainer, adding 60,000 jobs. Employment in the industry is still 560,000 below the pre-pandemic level.

Nursing homes added 1,400 jobs, while childcare centers lost 2,000. Employment in the two sectors is now down from pre-pandemic levels by 14.1 percent and 9.7 percent, respectively.

Mixed Picture on Labor Force Participation Rate

After rising 0.3 percentage points in August, the labor force participation rate (LFPR) edged down by 0.1 percentage points in September. The LFPR edged up by 0.2 percentage points for prime-age (ages 25–54) men to 88.8 percent. This is 0.8 percentage points below pre-pandemic peak. For prime-age women, the LFPR fell 0.6 percentage points to 76.6 percent, 0.3 percentage points below pre-pandemic peak. These monthly changes are primarily noise, and it is likely that we will see rises through the fall bringing employment in the household survey more in line with job growth in the establishment survey.

Length of Average Workweek Unchanged

The average workweek was unchanged at 34.5 hours in September. This is slightly above the 34.4 average for 2019, but a level often seen before the pandemic. This is noteworthy because the workweek peaked at 35.0 hours in January of 2021 as employers, unable to hire more employees, worked their existing workers more hours. This is further evidence of a return to normal in the labor market.

Self-Employment  Remains High

There was a big increase in self-employment in the pandemic, which is persisting even as the labor market returns to normal. The number of incorporated self-employed rose by 38,000 in September and is now more than 500,000 above the 2019 average. The number of unincorporated self-employed is more than 300,000 higher than the 2019 average.

Share of Unemployment Due to Voluntary Quits Hits Record Highs

The share of unemployment due to people voluntarily quitting their jobs rose to 15.9 percent. This is a clear measure of labor market strength, indicating that people are still optimistic about their job prospects.

In the same vein, all the duration measures of unemployment fell. The average duration of employment spells fell to 20.2 weeks, while the median duration fell to 8.3 weeks. The share of long-term unemployed (more than 26 weeks) fell to 18.5 percent. However, these figures are mostly a story of getting back to normal after seeing very long spells of unemployment earlier in the recovery.

Mostly Positive Report

The picture of the labor market in this report is mostly very good. The overall unemployment rate is again at a half-century low, with the unemployment rate for Hispanics hitting its lowest level on record. The unemployment rate for Black workers is near its lowest level on record and for Black teens at its second lowest level, exceeding only a rate for a single month hit earlier in the pandemic.

For the second month in a row wages grew at a 0.3 percent rate, a pace consistent with the Fed’s 2.0 percent inflation target. Wage growth has been higher when compared on average to previous months, but it is clear that the pace is slowing rather than accelerating as many models would predict given the tightness of the labor market.

The Fed will not be prepared to declare victory over inflation with this report, but it does show that things are going in the right direction, with jobs growing at a strong but close to a sustainable pace.

The post Job Growth Slows to 263,000 in September, Wage Growth at 0.3 Percent, Again appeared first on Center for Economic and Policy Research.

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Pharma industry reputation remains steady at a ‘new normal’ after Covid, Harris Poll finds

The pharma industry is hanging on to reputation gains notched during the Covid-19 pandemic. Positive perception of the pharma industry is steady at 45%…

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The pharma industry is hanging on to reputation gains notched during the Covid-19 pandemic. Positive perception of the pharma industry is steady at 45% of US respondents in 2023, according to the latest Harris Poll data. That’s exactly the same as the previous year.

Pharma’s highest point was in February 2021 — as Covid vaccines began to roll out — with a 62% positive US perception, and helping the industry land at an average 55% positive sentiment at the end of the year in Harris’ 2021 annual assessment of industries. The pharma industry’s reputation hit its most recent low at 32% in 2019, but it had hovered around 30% for more than a decade prior.

Rob Jekielek

“Pharma has sustained a lot of the gains, now basically one and half times higher than pre-Covid,” said Harris Poll managing director Rob Jekielek. “There is a question mark around how sustained it will be, but right now it feels like a new normal.”

The Harris survey spans 11 global markets and covers 13 industries. Pharma perception is even better abroad, with an average 58% of respondents notching favorable sentiments in 2023, just a slight slip from 60% in each of the two previous years.

Pharma’s solid global reputation puts it in the middle of the pack among international industries, ranking higher than government at 37% positive, insurance at 48%, financial services at 51% and health insurance at 52%. Pharma ranks just behind automotive (62%), manufacturing (63%) and consumer products (63%), although it lags behind leading industries like tech at 75% positive in the first spot, followed by grocery at 67%.

The bright spotlight on the pharma industry during Covid vaccine and drug development boosted its reputation, but Jekielek said there’s maybe an argument to be made that pharma is continuing to develop innovative drugs outside that spotlight.

“When you look at pharma reputation during Covid, you have clear sense of a very dynamic industry working very quickly and getting therapies and products to market. If you’re looking at things happening now, you could argue that pharma still probably doesn’t get enough credit for its advances, for example, in oncology treatments,” he said.

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Spread & Containment

I created a ‘cosy game’ – and learned how they can change players’ lives

Cosy, personal games, as I discovered, can change the lives of the people who make them and those who play them.

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Cosy games exploded in popularity during the pandemic. Takoyaki Tech/Shutterstock

The COVID pandemic transformed our lives in ways many of us are still experiencing, four years later. One of these changes was the significant uptake in gaming as a hobby, chief among them being “cosy games” like Animal Crossing: New Horizons (2020).

Players sought comfort in these wholesome virtual worlds, many of which allowed them to socialise from the safety of their homes. Cosy games, with their comforting atmospheres, absence of winning or losing, simple gameplay, and often heartwarming storylines provided a perfect entry point for a new hobby. They also offered predictability and certainty at a time when there wasn’t much to go around.

Cosy games are often made by small, independent developers. “Indie games” have long been evangelised as the purest form of game development – something anyone can do, given enough perseverance. This means they can provide an entry point for creators who hadn’t made games before, but were nevertheless interested in it, enabling a new array of diverse voices and stories to be heard.

In May 2020, near the start of the pandemic, the small poetry game A Solitary Spacecraft, which was about its developer’s experience of their first few months in lockdown, was lauded as particularly poignant. Such games showcase a potential angle for effective cosy game development: a personal one.

Personal themes are often explored through cosy games. For instance, Chicory and Venba (both released in 2023) tackle difficult topics like depression and immigration, despite their gorgeous aesthetics. This showcases the diversity of experiences on display within the medium.

However, as the world emerges from the pandemic’s shadow, the games industry is facing significant challenges. Economic downturns and acquisitions have caused large layoffs across the sector.

Historically, restructurings like these, or discontent with working conditions, have led talented laid-off developers to create their own companies and explore indie development. In the wake of the pandemic and the cosy game boom, these developers may have more personal stories to tell.

Making my own cosy game

I developed my own cosy and personal game during the pandemic and quickly discovered that creating these games in a post-lockdown landscape is no mean feat.

What We Take With Us (2023) merges reality and gameplay across various digital formats: a website, a Discord server that housed an online alternate reality game and a physical escape room. I created the game during the pandemic as a way to reflect on my journey through it, told through the videos of game character Ana Kirlitz.

The trailer for my game, What We Take With Us.

Players would follow in Ana’s footsteps by completing a series of ten tasks in their real-world space, all centred on improving wellbeing – something I and many others desperately needed during the pandemic.

But creating What We Take With Us was far from straightforward. There were pandemic hurdles like creating a physical space for an escape room amid social distancing guidelines. And, of course, the emotional difficulties of wrestling with my pandemic journey through the game’s narrative.

The release fared poorly, and the game only garnered a small player base – a problem emblematic of the modern games industry.

These struggles were starkly contrasted by the feedback I received from players who played the game, however.

This is a crucial lesson for indie developers: the creator’s journey and the player’s experience are often worlds apart. Cosy, personal games, as I discovered, can change the lives of those who play them, no matter how few they reach. They can fundamentally change the way we think about games, allow us to reconnect with old friends, or even inspire us to change careers – all real player stories.

Lessons in cosy game development

I learned so much about how cosy game development can be made more sustainable for creators navigating the precarious post-lockdown landscape. This is my advice for other creators.

First, collaboration is key. Even though many cosy or personal games (like Stardew Valley) are made by solo creators, having a team can help share the often emotional load. Making games can be taxing, so practising self-care and establishing team-wide support protocols is crucial. Share your successes and failures with other developers and players. Fostering a supportive community is key to success in the indie game landscape.

Second, remember that your game, however personal, is a product – not a reflection of you or your team. Making this distinction will help you manage expectations and cope with feedback.

Third, while deeply considering your audience may seem antithetical to personal projects, your game will ultimately be played by others. Understanding them will help you make better games.

The pandemic reignited the interest in cosy games, but subsequent industry-wide troubles may change games, and the way we make them, forever. Understanding how we make game creation more sustainable in a post-lockdown, post-layoff world is critical for developers and players alike.

For developers, it’s a reminder that their stories, no matter how harrowing, can still meaningfully connect with people. For players, it’s an invitation to embrace the potential for games to tell such stories, fostering empathy and understanding in a world that greatly needs it.


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Adam Jerrett does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

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The SNF Institute for Global Infectious Disease Research announces new advisory board

From identifying the influenza virus that caused the pandemic of 1918 to developing vaccines against pneumococcal pneumonia and bacterial meningitis in…

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From identifying the influenza virus that caused the pandemic of 1918 to developing vaccines against pneumococcal pneumonia and bacterial meningitis in the 1970s, combating infectious disease has a rich history at Rockefeller. That tradition continues as the Stavros Niarchos Foundation Institute for Global Infectious Disease Research at Rockefeller University (SNFiRU) caps a successful first year with the establishment of a new advisory board.

Credit: Lori Chertoff/The Rockefeller University

From identifying the influenza virus that caused the pandemic of 1918 to developing vaccines against pneumococcal pneumonia and bacterial meningitis in the 1970s, combating infectious disease has a rich history at Rockefeller. That tradition continues as the Stavros Niarchos Foundation Institute for Global Infectious Disease Research at Rockefeller University (SNFiRU) caps a successful first year with the establishment of a new advisory board.

This international advisory board was created in part to give guidance on how to best use SNFiRU’s resources, as well as bring forward innovative ideas concerning new avenues of research, public education, community engagement, and partnership projects.

SNFiRU was established to strengthen readiness for and response to future health crises, building on the scientific advances and international collaborations forged in the context of the COVID-19 pandemic. Launched with a $75 million grant from the Stavros Niarchos Foundation (SNF) as part of its Global Health Initiative (GHI), the institute provides a framework for international scientific collaboration to foster research innovations and turn them into practical health benefits.

SNFiRU’s mission is to better understand the agents that cause infectious disease and to lower barriers to treatment and prevention globally. To speed this work, the institute launched numerous initiatives in its inaugural year. For instance, SNFiRU awarded 31 research projects in 29 different Rockefeller laboratories for over $5 million to help get collaborative new research efforts off the ground. SNFiRU also supports the Rockefeller University Hospital, where clinical studies are conducted, and brought on board its first physician-scientist through Rockefeller’s Clinical Scholars program. “One of the surprises was the scope of interest from Rockefeller scientists in using their talents to tackle important infectious disease problems,” says Charles M. Rice, Maurice R. and Corinne P. Greenberg Professor in Virology at Rockefeller and director of SNFiRU. “The research topics range from the biology of infectious agents to the dynamics of the immune response to pathogens, and also include a number of infectious disease-adjacent studies.”

In the past 12 months, SNFiRU often brought together scientists studying different aspects of infectious disease as a way to spur new collaborations. In addition to hosting its first annual day-long symposium, SNFiRU initiated a Young Scientist Forum for students and post-doctoral fellows to meet regularly, facilitating cross-laboratory thinking. A bimonthly seminar series has also been established on campus.

Another aim of SNFiRU is to develop relationships with community-based organizations, as well as design and participate in community-engaged research, with a focus on low-income and minority communities. To that end, SNFiRU is helping develop a research project on Chagas disease, a tropical parasitic infection prevalent in Latin America that can cause congestive heart failure and gastrointestinal complications if left untreated. The project will bring together clinicians practicing at health centers in New York, Florida, Texas, and California and basic scientists from multiple institutions to help the communities that are most impacted.

“The SNFiRU international advisory board convenes globally recognized leaders with distinguished biomedical expertise, unrivalled experience in pandemic preparedness and response, and a shared commitment to translating scientific advancements into equitably distributed benefits in real-world settings,” says SNF Co-President Andreas Dracopoulos. “The advisory board will advance the institute’s indispensable mission, which SNF is proud to support as a key part of our Global Health Initiative, and we look forward to seeing breakthroughs in the lab drive better outcomes in lives around the globe.”

The new advisory board will hold its first meeting on April 11th, 2024, following the second annual SNF Institute for Global Infectious Disease Research Symposium at Rockefeller.

Its members are: Rafi Ahmed of Emory University School of Medicine, Cori Bargmann of The Rockefeller University, Yasmin Belkaid of the Pasteur Institute, Anthony S. Fauci, the former director of the National Institute of Allergy and Infectious Diseases, Peter Hotez of Baylor College of Medicine and Texas Children’s Hospital Center for Vaccine Development, Esper Kallas of of the Butantan Institute, Sharon Lewin of the University of Melbourne Doherty Institue, Carl Nathan of Weill Cornell Medicine, Rino Rappuoli of Fondazione Biotecnopolo di Siena and University of Siena, and Herbert “Skip” Virgin of Washington University School of Medicine and UT Southwestern Medical Center.


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