Economy

County Unemployment Rate Down In September

County Unemployment Rate Down In September”

President Donald Trump has expressed outrage at the Fed's current tightening cycle, after three hikes this year.

Between September and October, the US jobless rate remained unchanged at 3.7% as total nonfarm payroll employment gains were posted primarily in health care, manufacturing, construction, and transportation and warehousing. For the year, health care employment grew by 323,000.

The country's jobless rate hit a near half-century low in September. The 3.0 percent unemployment rate for individuals with some college or an associate degree is the lowest it has been since July 2001.

Hurricane Michael, which slammed into the Florida Panhandle and southern Georgia last month, had no discernible effect on the jobs data, the government said.

Average hourly earnings for production and non-supervisory workers increased 3.2 per cent from a year earlier, following 2.8 per cent in September.

Bernie Sanders, I. -Vermont, Amazon last month said it would raise its minimum wage to $15 an hour.

The economy also added 250,000 jobs - that's a jump from the 134,000 non-farm jobs added in September. Leveraged trading is high risk and not suitable for all. Some of the third quarter's weakness reflected lower spending on oil and gas drilling equipment as oil prices fell.

Firming wages support views that inflation will hover around the Fed's 2.0 percent target for a while. The labor force participation rate and the employment-population ratio both declined 0.2 percentage points in October to 62.9% and 60.6%, respectively.

The Fed is not expected to raise rates at its policy meeting next week, but economists believe October's strong labour market data could see the USA central bank signal an increase in December.

Although business profits are at an all-time high, the share of that income going to workers hangs near the lowest levels since the government began tracking it in the 1940s.

The low labor force participation rate "has confounded people for a long time", said Robert Frick, a corporate economist with Navy Federal Credit Union.

The country now has 7.1 million job openings, a record high, the Labor Department announced Tuesday.

U.S. employers added more people than expected to their payrolls in October as wages grew at their fastest pace since April 2009, according to the jobs report released Friday by the Bureau of Labor Statistics.

That is seen supporting the economy through at least early 2019 when gross domestic product is expected to significantly slow as the stimulus from the Trump administration's $1.5 trillion tax cut package fades.

"In a strong report overall, the big news in this morning's October jobs report was the annual change in wage growth exceeding 3 percent for the first time since April 2009", said Joel Kan, associate vice president of economic and industry forecasts for the Mortgage Bankers Association.

All of which shows the labor market getting tighter, good news for workers getting higher hourly wages and, perhaps even more important, bigger weekly paychecks as hours worked also rose.

Retail payrolls probably remained weak, weighed down by layoffs related to Steinhoff's Mattress Firm bankruptcy as well as some store closures by Sears Holdings Corp.

That's forcing more companies to raise pay to attract and keep workers.

Among other key sectors, transportation and warehousing added 25,000 jobs in October.

The prospects for Republicans contrast with numbers such as broad-based hiring in October, including 30,000 in construction, 32,000 in manufacturing and 179,000 in services. The United States is locked in a bitter trade war with China as well as tit-for-tat tariffs with other trade partners, including the European Union, Canada and Mexico.



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