Sunday, 18 November, 2018

September shrug: Only 134K jobs added, but 49-year-low unemployment rate

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				AP Modal Trigger AP
Kelvin Reese | 08 October, 2018, 00:40

The historically low unemployment rate and relatively weak job growth number might indicate that employers are having an increasingly hard time adding positions because of the availability of workers.

The Fed's rate increases might be starting to bite.

Yet those wage gains understate the real improvement in workers' paychecks, contends Peter Boockvar, chief strategist at Bleakley Advisory Group.

Retailers had the worst month for hiring, as the sector lost 20,000 jobs. The jobless rate fell from August's 3.9 percent. The decline suggests that Blacks had a less tough time with finding work.

Manufacturing payrolls increased by 18,000 in September after rising by 5,000 in August.

Amy Glaser, a senior vice president at staffing agency Adecco, told The New York Times after Friday's jobs report release that some seasonal employers are moving up their hiring timelines, easing job requirements and giving workers more flexibility over schedules to attract more applicants.

Other data show the economy roaring ahead.

India vs West Indies
Youngsters like Prithvi Shaw and Mayank Agarwal have been given a chance in the Test squad to prove their worth. Hanuma Vihari, who scored a half-century on his debut in England, hasn't been selected in the first Test.

State elections prompt reduction in oil prices
Soon after the announcement, several BJP-ruled states followed the suit and gave an overall relief of Rs 5 per litre. He said that the central government will reduce excise duty by Rs 1.5 while oil companies will absorb the remainder.

Messi puts on a show to sink Spurs at Wembley
Tottenham will be looking to get their Champions League campaign back on track when they entertain Barcelona at Wembley this evening .

In September, professional and business services grew by 54,000, transportation and warehousing jobs by almost 24,000, construction by 23,000, manufacturing by 18,000 and health care by almost 30,000. Natural disasters can affect employment numbers in various ways: interfering with data collection, disrupting hiring and putting people temporarily out of work as businesses shutter and residents evacuate.

Hurricane Florence may have caused some distortions.

Private employment rose by 121 000, compared with a median estimate of 180 000.

So far, job growth has been surprisingly strong this year despite the hurdles, averaging about 200,000 a month, up from 182,000 in 2017. Overall government payrolls increased by 13 000.

The annual rise in wages fell to 2.8 percent from 2.9 percent in August, which was the biggest advance in more than nine years. The average workweek was unchanged at 34.5 hours in September. But the more-inclusive "underemployment" rate (technically U6), ticked up to 7.5% from 7.4%. The slow pace of wage growth has been a persistent source of disappointment in the recovery, and economists have long looked for evidence that the tight labor market is at last forcing companies to hand out raises. Pointing to the economy's health, the Fed last week raised its benchmark short-term rate and predicted that it would continue to tighten credit into 2020 to manage growth and inflation. At the same time, some measures showed the labor market may still have some room for further improvement.

Unemployment rates for African-Americans fell slightly from 6.3 percent to 6 percent.

The number of part-time workers who would have preferred to have full-time jobs rose by 263,000 to 4.6 million. The employment- population ratio, another broad measure of labour-market health that central bankers like to watch, rose to 60.4% from 60.3%. We expect employers to more rapidly do what they have been doing in recent quarters: automate, increase working hours and pull people back to the labor force, especially young men, whose labor force participation rate barely recovered yet.

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