U.S. Employment Rises Much Less Than Expected In September

Demonstration by contractual workers Birnagar West Bengal

It also stands that wage growth has not increased and wage inequality has not narrowed, a further sign that numerous newly crated jobs fall within less secure sectors of the economy.

The US economy continued to smash expectations and break records in September, with recently released data showing the unemployment rate dropping to just 3.7%; the lowest level since December 1969.

The goods-producing sector added 46,000 jobs in September, with construction employment increasing by 23,000, bringing its 2018 total to 214,000.

Despite the added jobs, the unemployment rate was up 0.2 percentage points to 5.5 per cent, with 1,300 more working-age people unemployed than past year in September. In the past four quarters, average hourly wages have increased by 2.8 percent and accelerated to 3.1 percent in the past two quarters.

"Another solid jobs report; not too hot and not too cold", Kate Warne, investment strategist at Edward Jones told FOX Business.

Starting from this year, the Ministry of Labor is developing a balance of labor resources, job placement and employment of the population, survey among households on employment issues, as well as determining of the number of people who need job in accordance with the decision of the Cabinet of Ministers dated December 22, 2017.

Читайте также: September jobs report shows unemployment hitting 49-year low

Friday's job report confirmed a strengthening job market. If the labor market were as tight as implied by the Fed's estimate of full employment, job growth this strong would likely place significant upward pressure on wages. Over 200,000 jobs were added, and earnings growth topped 2.9 percent for the first time since May of 2009.

Economists forecast another robust month of job gains.

The unemployment rates for adult women (3.3 percent) and Whites (3.3 percent) declined in September.

Wall Street closed down sharply following the news, extending losses from Thursday's selloff due to a sudden jump in bond yields. Across education levels, unemployment rose by 0.6 percent for those with less than a high school education and by 0.3 percent for those with partial education.

The last time the U.S. jobless rate was so low preceded more than a decade of economic pain tied to rising price pressures and efforts to rein them in. The combination of gains in employment and moderate increases in wages is lifting disposable incomes.

"No-one at the Fed thinks unemployment near three percent is sustainable", Ian Shepherdson of Pantheon Macroeconomics said in a client note.

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