Economy

Weak September job growth, but unemployment rate falls to lowest since 1969

Weak September job growth, but unemployment rate falls to lowest since 1969

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

Hurricane Florence, which battered the US East Coast in mid-September, was cited by the Labor Department as a factor for some employment changes, specifically leisure and hospitality, which lost 18,000 jobs in the period. Many analysts expect the crunch to slow hiring in the months ahead despite strong economic growth.

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. Black unemployment dropped to 6 percent, almost matching the historic low of 5.9 percent recorded in May. North said the numbers indicate that employers are requiring the people they already have on their payrolls to work longer hours each week.

A recent report from the Organisation for Economic Cooperation and Development said that compared to other countries "a large share of the population remains at the fringes of the labour market".

Wages outpaced inflation in September, although both the rate of wage growth and inflation have tapered off slightly in the last month. The Fed raised interest rates last month as expected, but has thus far been content to move slowly.

"There is little in this report to stop the Fed continuing to raise interest rates gradually".

There were 134,000 new jobs created, with September's storm and catastrophic flooding in the Carolinas likely preventing some businesses from bringing new workers on, and some people from getting to their first day on the job.

The good news does not necessarily mean that Americans are being paid better, however - the average hourly wage was up just 2.8% compared to the same time previous year. Many forecasters predict it will decline even more in the months to come.

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. However, overall, the economy added a lower number of jobs than expected.

The Federal Reserve approved the third rate increase of the year, last month. In fact, the Fed's latest survey of national business conditions reflected concerns about labour shortages that are extending into non-skilled occupations as much as about tariffs.

Retail payrolls dropped by 20,000 jobs last month, the figure also revealed. The Trump administration has imposed tariffs on imported steel and aluminum as well as on roughly half of China's imports to the United Sates. The trade gap surged 6.4 percent to a six-month high of $53.2 billion in August, the Commerce Department reported on Friday.

The trilateral trade agreement between the US, Canada and Mexico was salvaged in an 11th-hour deal on Sunday.

During the April-June quarter, the USA economy expanded at a 4.2 percent annual rate, the best in four years.


  • Sadly, Captain America is Finally Hanging Up His Shield

    Avengers 4 will hit theaters May 3, 2019. "And then we'll go back into the global tour, we'll go on tour". "Officially wrapped on Avengers 4 ".
    US Crude Oil Price Set to Stabilize at Higher Levels

    US Crude Oil Price Set to Stabilize at Higher Levels

    Trump did not specify when he made the remarks to the Saudi monarch but they come on the back of increasing oil prices in the US. This is predicted to show that weekly crude inventories rose by 1,985,000 barrels after the previous week's 1,852,000 increase.
    Democrat congressman berates Trump for ‘piggish’ insult to female reporter

    Democrat congressman berates Trump for ‘piggish’ insult to female reporter

    That's not nice", he said, adding that he wanted to answer a question about trade and moving on to another reporter. He ignored her and moved on to another reporter's question. "You've been asking a question for 10 minutes".
  • GE ousts Flannery, names Lawrence Culp chairman and CEO

    GE ousts Flannery, names Lawrence Culp chairman and CEO

    GE will need to take a goodwill impairment charge of almost all the $23 billion in its goodwill balance, according to the company. GE doubled down on fossil fuels in 2015 under Immelt with the $10.3-billion purchase of French group Alstom SA's power business.
    Colorado Rockies Douse Wrigley Field In Champagne After Upsetting Cubs

    Colorado Rockies Douse Wrigley Field In Champagne After Upsetting Cubs

    Whatever happens, it's going to be a long winter for the Cubs and their fans as they look back on a disastrous end of the year. The Cubs are expected to retain manager Joe Maddon through the 2019 season, ESPN.com's Jesse Rogers reports .

    Kenyans have great confidence in Donald Trump, survey shows

    Meanwhile, a plurality of Russians said they preferred Chinese leadership to USA leadership, at 35 and 13 percent respectively. And Trump got the lowest confidence rating In Mexico, where just 6 percent of respondents expressed faith in his leadership.
  • Lethal Weapon: Damon Wayans Announces He's Leaving the Show

    Lethal Weapon: Damon Wayans Announces He's Leaving the Show

    Damon's dead serious too. and says he's going to return to the stage after leaving the TV show to "try to find my smile again". The show, which stars Damon Wayans and Sean Scott Williams, is now on the third season which launched at the end of September.
    Amazon introduces Fire TV Stick 4K with Alexa Voice Remote in India

    Amazon introduces Fire TV Stick 4K with Alexa Voice Remote in India

    The Alexa Voice Remote is said to support Bluetooth, multidirectional infrared technology along with cloud-based service. The feature will become available on all existing Fire TV devices in India, via a software update, starting November 14.
    OnePlus 6T Has Edge To Edge Display, Reveals Official Teaser

    OnePlus 6T Has Edge To Edge Display, Reveals Official Teaser

    The device is expected to launch sometime this month, joining OnePlus' never-settling collection of flagship Android devices. The OnePlus 6T may not be out yet, but we still know a fair bit about the phone through reliable insider reports and rumors.
  • Backed by senators, Kavanaugh on track for U.S

    Backed by senators, Kavanaugh on track for U.S

    In a second tweet , she cautioned that she was "not making any announcements" but was "deeply disappointed" in Collins' vote. Senator Collins said: "We will be ill-served in the long run if we abandon the presumption of innocence and fairness".
    Putin calls ex-spy Skripal a 'scumbag' and 'traitor'

    Putin calls ex-spy Skripal a 'scumbag' and 'traitor'

    Sources in New Delhi told The Indian Express these will cover areas such as nuclear, space, economic issues, among others. Prime Minister and Narendra Modi will meet Russian President for bilateral talks on 5th October.
    Jaitley lowers petrol, diesel prices by Rs 2.5 per litre

    Jaitley lowers petrol, diesel prices by Rs 2.5 per litre

    The Congress party said the move is like applying a band-aid after inflicting a thousand wounds on the people of the country. Also, the rupee dropped to its lowest ever level of 73.77 against the dollar, resulting in expensive crude imports.