Economy

In the U.S., recorded a minimum level of unemployment for 50 years

In the U.S., recorded a minimum level of unemployment for 50 years”

But with unemployment at levels not seen since Richard Nixon was in the White House, the September report was also sure strengthen the case for the Federal Reserve to continue raising interest rates.

If Republicans can make the case to voters that their policies are largely responsible for this increased pay and improved job prospects, they can maintain control of Congress on Election Day.

Economists forecast another robust month of job gains. This suggests that the tax cuts that took effect this year are boosting job opportunities. In August, the unemployment rate was 3.9 percent. The year-over-year increase in the average hourly wage was 2.8 percent, that is down from 2.9 percent in last month's data. The combination of gains in employment and moderate increases in wages is lifting disposable incomes. Downward revisions in jobs for June and July brought the three-month average to 185,000 per month. This is the longest period of job growth in history. The labor force participation rate fell by 0.2 to 62.7 percent. The unemployment rate for college grads fell by just 0.1 percentage points. Across education levels, unemployment rose by 0.6 percent for those with less than a high school education and by 0.3 percent for those with partial education. Gains or losses are calculated via the Current Employment Survey of 147,000 business establishments, while the unemployment rate is based on the Current Population Survey of 60,000 households.

It should also be remembered that by this time in 2008, the job market had been in a six-digit monthly free-fall for half a year.

Two surveys provide data for each monthly BLS jobs report.

The comparable statistics for Canada have been: +1.2% for total; +1.2% for services; -1.4% for manufacturing; and +2.4% for construction.

There were fewer jobs, however, added to the US economy in September than analysts expected. department figures showed about 134,000 new jobs for September - well below the 185,000 anticipated by experts. A separate report from the Commerce Department showed that the United States trade deficit widened in August, reflecting an increase in imports and a decrease in exports. Home health added 2,200 jobs, 72% fewer than the month before. Regardless, those risks are unlikely to be reflected to any great degree in this morning's report.



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