Fastest rise in United States wages since 2009

Fastest rise in United States wages since 2009

Fastest rise in United States wages since 2009

USA employers added more nonfarm payrolls than expected in October and the unemployment rate held at its lowest level since 1969, according to the jobs report released Friday.

The October jobs report is out from the Bureau of Labor Statistics and the news continues to be positive overall with the unemployment rate in October at 3.7 percent. "Keep it going", said President Donald Trump on Twitter.

Between September and October, the USA 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.

There were also big gains in manufacturing, construction and professional and business services payrolls. The economy also added 250,000 jobs last month, beating expectations, while the jobless rate remained at 3.7%.

Among the major worker groups, the jobless rates for adult men (3.5%), adult women (3.4%), teenagers (11.9%), Whites (3.3%), Blacks (6.2%), Asians (3.2%), and Hispanics (4.4%) showed little or no change in October.

Acosta also said noted that Hurricane Michael's path through the Florida Panhandle on October 10 had no discernible effect on employment data or responses to the monthly labor survey. Wages grew by 3.1% in October, the best since April 2009.

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

Average work week increased to 34.5 hours, from 34.4 hours in prior month; a shorter workweek has the effect of boosting average hourly pay.

African-American unemployment, at 6.2 percent, is close to an all-time low, although it still remains almost double the white unemployment rate. (A move at the next meeting on November 7-8 is a long shot, with only a 10.5% probability.) The odds still also favor a second 25-basis-point increase from here by mid-2019, but it's only even-money odds for a third.

In another dose of good news, the American workforce grew by 711,000 people, lifting the labour force participation rate 0.2 percentage points to 62.9%, after holding stubbornly stable through the economic recovery. Still, October's outsize gain might have reflected, in part, a rebound from September, when Hurricane Florence depressed job growth. The Fed raised borrowing costs in September for the third time this year.

Stock futures rose on Friday after the release of the report.

Kinestral Technologies Inc., which engineers and manufactures smart-tinting windows for homes and commercial buildings, has added about six people to its USA staff of just more than 100.

Employers, scrambling to find qualified workers, are boosting wages.

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

Wages in the United States grew at their fastest pace for nine years last month, according to the latest official figures. (People who don't have a job aren't counted as unemployed unless they're actively looking for work.) In October, the proportion of Americans with jobs reached its highest level in 10 years.

According to a report last week from the research arm of the payroll processing firm ADP, for instance, American workers are earning almost $1 more per hour on average than they were a year ago.

The share of the population in the workforce also rose 0.2% to 60.6%.

Nonfarm payrolls probably increased by 190,000 jobs last month, according to a Reuters survey of economists. Retailers created 2,400 jobs following a 32,400 decline in September.

Among economists, there was wider agreement that the jobs report pointed to strength in the U.S. economy, despite recent worries that weakness may be emerging in some sectors such as housing and trade.

Private payrolls rose by 246,000, compared with median estimate of 195,000; government payrolls increased by 4,000.

Health care, manufacturing, construction, transportation and warehousing fueled October'sparticularly strong job growth. Job gains in the sector, which accounts for about 12 per cent of the USA economy, could slow after a survey on Thursday showed a measure of factory employment fell in October.

Hiring spanned all sectors.

Despite the protectionist measures, the trade deficit continues to deteriorate. In a separate report on Friday, the Commerce Department said the trade gap increased 1.3 per cent to $54.0 billion in September, widening for a fourth straight month.

Related news



[an error occurred while processing the directive]