The Social Security Administration is reinstating its plan to reclaim 100% of overpayments made to beneficiaries — a ten-fold jump from the current rate, the agency announced Friday.

By asking for 100% of overpayments to be repaid by recipients, the agency could save about $7 billion over the next decade, the Office of the Chief Actuary estimated. The new rate will take effect March 27.

Companies in the private sector added just 77,000 jobs in February, payroll processing firm ADP said on Wednesday.

Employers revealed more job cuts in February than they had in any month since July 2020, according to a report released Thursday, with much of the reduction concentrated in efforts led by Elon Musk’s Department of Government Efficiency (DOGE).

The Trump administration’s massive federal cuts and swelling feelings of economic uncertainty helped fuel a recession-level spike in layoff plans last month, new data showed Thursday.

Job growth in the U.S. slowed much more than expected during July and the unemployment rate ticked higher, fueling fears of a broader economic slowdown, the Labor Department reported Friday.

Nonfarm payrolls grew by just 114,000 for the month, down from the downwardly revised 179,000 in June and below the Dow Jones estimate for 185,000. The unemployment rate edged higher to 4.3%, its highest since October 2021.

U.S. job growth cooled sharply in July while the unemployment rate unexpectedly rose to the highest level in nearly three years.

The Labor Department reported Friday that employers added 114,000 jobs in July, missing the 175,000 gain forecast by LSEG economists. The unemployment rate also unexpectedly inched higher to 4.3% against expectations that it would hold steady at 4.1%. 

It marked the highest level for the jobless rate since October 2021.

The US labor market cooled off far more than expected last month, underscoring concerns that the economy has slowed down too quickly and could lead to a recession.

Businesses added just 114,000 jobs in July, according to Bureau of Labor Statistics data released Friday and the unemployment rate unexpectedly leapt to 4.3%, which is the highest since October 2021.

WASHINGTON (AP) — The number of Americans applying for unemployment benefits slipped last week as the U.S. labor market remained resilient.

The Labor Department reported Thursday that jobless claims fell by 5,000 to 238,000 from a 10-month high of 243,000 the week before. The four-week average of claims, which evens out weekly ups and downs, rose by 5,500 to 232,750, highest since September.

 U.S. small-business confidence and hiring plans increased in May to their highest levels of the year, but the looming U.S. presidential election also drove uncertainty to nearly a four-year high, a survey showed on Tuesday.

The National Federation of Independent Business (NFIB) said its Small Business Optimism Index rose eight-tenths of a point to 90.5 last month, the second consecutive month it has risen after slumping in March to the lowest level since December 2012.

After receiving a graduate degree, Julianna Larock was bombarded with news about the powerful labor market and how much demand there was for skilled workers.

But that wasn’t her reality.

Instead, she spent untold hours browsing through networking sites such as LinkedIn, attending mixers and other professional events, and generally scouring the collective workplace for something that would fit her desire to land a job in the world of finance. All to no avail.