1847
US Jobless Rate 5.9%, Lowest Since 2008
World Economy

US Jobless Rate 5.9%, Lowest Since 2008

The US jobless rate declined to a six-year low of 5.9 percent in September and employers in the US added more workers than projected, signs of more vigor in the labor market that will help sustain faster economic growth.

The 248,000 gain in payrolls followed a 180,000 August increase that was bigger than previously estimated, the Labor Department reported in Washington. The median forecast of economists in a Bloomberg survey called for a 215,000 advance. The unemployment rate fell to the lowest level since July 2008 from 6.1 percent.
“This report was strong across the board,” said Dean Maki, chief US economist at Barclays PLC in New York and the top payrolls forecaster according to Bloomberg data. “The labor market continues to grow fast enough to keep pushing the unemployment rate down.”
Sustained, elevated gains in hiring are needed to help bring about faster wage growth and put the expansion in a self-reinforcing cycle of more consumer spending and employment opportunities. Federal Reserve policy makers are trying to determine the extent of labor-market slack as the central bank approaches the end of asset purchases aimed at boosting growth.

 Construction, Retail
Employment at private service providers increased 207,000, while payrolls rose by 4,000 at factories. Construction companies added 16,000 workers for a second month and retail employment grew by 35,300 last month.
Construction companies added 16,000 workers for a second month.
Automakers boosted hiring by 3,300 in September after a 4,500 drop in August that may have reflected the timing of plant shutdowns to retool for the new model year.
Employment at food and beverage stores rebounded 19,500 after a decline in August, when workers walked off the job at a New England grocer.
Today’s employment report also showed average hourly earnings were unchanged in September and up 2 percent over the past 12 months.
The underemployment rate, a gauge that counts the unemployed, workers settling for part-time jobs, and people who have given up the search, fell to 11.8 percent in September from 12 percent a month earlier. The gauge has averaged 15.1 percent since the recession ended in June 2009.

 

Short URL : http://goo.gl/ddBVKK

You can also read ...

Blue Economy Movement Gaining Traction in Africa
An increasing number of African countries are now embracing...
Japanese Prime Minister Shinzo Abe (C) speaks as European Commission President Jean-Claude Juncker (L) and European Council President Donald Tusk listen during  a joint press conference at Abe’s official residence in Tokyo on July 17.
Japan and the European Union signed a landmark deal on Tuesday...
The trade war began when Donald Trump introduced tariffs on imported steel and aluminum.
Rising trade tensions between the United States and the rest...
There are indications that investments in digital economy will...
Striking Amazon Employees in Europe Demand Better Working Conditions
Thousands of workers walked off their jobs on Tuesday at...
The parliament approved a five billion pound start-up capital for the fund called “Egypt Fund”.
Egypt is setting up a sovereign wealth fund with a capital of...
SNB to Raise Rates in 2019
The Swiss National Bank will continue tracking its eurozone...
Canada Growth Robust, Housing Sector Cooling
On July 13, the executive board of the International Monetary...

Trending

Googleplus