US job growth seen accelerating; strong annual wage gain expected

US job growth seen accelerating; strong annual wage gain expected

"The strength in the ADP report supports our view that the underlying trend in the labor market remains upbeat", said Daniel Silver, an economist at JPMorgan in NY.

Independent data released this week points to slightly higher wages for workers and a still-tight labor market for employers.

That pushed the annual increase in wages and salaries to 2.9 percent, the biggest gain since September 2008, from 2.8 percent in the year to June.

But the anticipated bounce back in job growth is likely to be tempered some what by Hurricane Michael, which struck the Florida Panhandle in mid-October.

Rising wages should help support consumer spending and soften the hit to the economy from a softening housing market and stalling business investment.

When adjusted for inflation, wage increases were higher in 2015 and 2016 than they are now, according to the Employment Cost Index. They were up 2.6 percent in the 12 months through September after rising 2.9 percent in the year to June.

Nick Mullens gets verified on Twitter during breakout performance vs. Raiders
Raheem Mostert added a 52-yard touchdown run and the Niners outgained the Raiders 405 to 248 for the game. Instead, the undrafted quarterback threw for 262 passing yards, three touchdowns and no interceptions.

Employment gains averaged 218,000 jobs per month over the past three months, double the roughly 100,000 needed to keep up with growth in the working-age population.

A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, fell one-tenth of a percentage point to 7.4 percent, matching a 17-year low hit in August.

Payroll processor ADP reported that employers added jobs in manufacturing, retail, construction, transportation, leisure and professional services such as engineering. "This is about the gradual tightening in the labor market finally forcing employers to pay more", said Ian Shepherdson, chief economist at Pantheon Marcoeconomics. Payrolls increased by 134,000 in September, the fewest in a year. The jobs market is viewed as being close to or at full employment, with the unemployment rate at a near 49-year low of 3.7 percent. There are a record 7.14 million open jobs. The report shows consumers who live in the South enjoyed the strongest job growth, while those in the West saw their paychecks grow the most. Payrolls rose by 134,000 jobs in September, the smallest gain in a year, after Hurricane Florence drenched North and SC, weighing on restaurant and retail employment.

Economists polled by Reuters had forecast the ECI rising 0.7 percent in the July-September quarter. Although this is good news for employees, the Federal Reserve has been raising rates in a speedy fashion to guard against future inflationary pressures, seemingly erasing big salary and hourly payroll gains.

The rise has some economists anxious higher inflation may not be far behind.

Wages and salaries for civilian workers increased almost 1 percent, while benefits costs jumped 0.4 percent. The service sector contributed 189,000 to the total. Pay in the "goods-producing sector" has actually slowed in the past year, notes Michael Pence, senior US economist at Capital Economics. This article is strictly for informational purposes only.

Related News:

  • Early Voting Totals in 19 States Have Already Surpassed 2014 Midterm Turnout

    Early Voting Totals in 19 States Have Already Surpassed 2014 Midterm Turnout

    New statistics released Tuesday by the state Division of Elections show that more than 1.26 million people have voted early. In Texas, there are almost five times as many votes from those under 30 years old as compared to the 2014 election.
    Brazilian left reels as country lurches right

    Brazilian left reels as country lurches right

    Bolsonaro's growing popularity as a sign that Brazil is shifting to the right. Trump called Bolsonaro to congratulate him on his victory.
    Virender Sehwag remembers his King pair on Shah Rukh Khan’s birthday

    Virender Sehwag remembers his King pair on Shah Rukh Khan’s birthday

    The film is releasing on 21st December 2018 and it will occupy the week of Christmas like SRK's previous film Dilwale and Don 2. If SRK plays a vertically-challenged man, the film also brings together the Jab Tak Hai Jaan cast.
  • Private messages from 81000 hacked Facebook accounts for sale

    Private messages from 81000 hacked Facebook accounts for sale

    This hack apparently has nothing to do with the most recent hack of Facebook data that was widely publicised in September . According to The Information , Facebook is in talks to buy a major cybersecurity company to help protect users.
    Samsung Announces New 0.8μm ISOCELL Image Sensors; Supports Up To 48MP

    Samsung Announces New 0.8μm ISOCELL Image Sensors; Supports Up To 48MP

    Previous reports indicated that the Galaxy S10 will be powered by either a Snapdragon 855 or a Samsung Exynos 9820 chipset. This shows that the Galaxy F foldable phone could be used a tablet as well as a smartphone.
    IS attack on Christian pilgrims in Egypt kills 7, wounds 19

    IS attack on Christian pilgrims in Egypt kills 7, wounds 19

    Initially, a spokesman for the Coptic Church, Boulis Halim, said that at least seven were killed and 14 injured in the attack. It's also in Minya where most acts of violence, like attacks on churches and Christian homes and businesses, take place.
  • India protests China-Pakistan bus via PoK

    India protests China-Pakistan bus via PoK

    China has repeatedly said that the Indian-Pakistani territorial dispute had to be settled through dialogue between the two sides. Khan will meet Chinese Premier Li Keqiang on Saturday, when the two countries are expected to sign a series of agreements.
    Cops watching for sex offenders on this Halloween night

    Cops watching for sex offenders on this Halloween night

    This, in effect, prohibits them from handing out candy to children on Halloween. "This seems like a good idea to me". The National Association for Rational Sexual Offense Laws (NARSOL) does not believe this is constitutional.
    Tone-deaf WWE recalls Hulk Hogan for show in Saudi Arabia

    Tone-deaf WWE recalls Hulk Hogan for show in Saudi Arabia

    The event starts at 4pm United Kingdom time, 12pm ET/9am PT, and the pre-show will take place an hour earlier. Rusev for the United States championship (kickoff show).
  • Indonesian crews recover black box from crashed jet

    Indonesian crews recover black box from crashed jet

    It has been expanding aggressively in Southeast Asia, a fast- growing region of more than 600 million people. Investigators are also looking for the plane's black box recorder, which will provide key flight data.
    The OnePlus 6T Launches Today on T-Mobile or Unlocked

    The OnePlus 6T Launches Today on T-Mobile or Unlocked

    The bootloader will be unlockable, but only after the device has been paid off and has spent 40 days on the T-Mobile network. Under the glass hood sits Qualcomm's Snapdragon 845 processor and an Adreno 630 GPU powered by a sizeable 3,700mAh battery.

    Trump, Xi upbeat on trade after phone call

    Trump said that in early October China wanted to come in and make a deal, but he told them they weren't ready. Yesterday, Trump and Xi spoke by telephone in what both sides described as an positive call.


Most liked

Saudi Arabian Sisters Found Duct Tape Together in Hudson River
A spokesman for the New York Police Department earlier said there was no evidence tying the Saudi government to their deaths. Shea did not elaborate on further details and reports of abuse, which he said are not corroborated at this time.

Oprah campaigns for Democrat Stacey Abrams for Georgia governor
I was just sitting at home in California minding my own business but I could not stop thinking about what's going on down here. The bishop also said, "If you're going to address people based on their color only, I think it's pretty sad".

Triple H Needs Surgery Following His Match At Crown Jewel
Shane McMahon won the WWE World Cup after introducing himself as a late replacement for the injured Miz. WWE Crown Jewel will take place at the King Saud University Stadium in Riyadh, Saudi Arabia.

SRK greets his fans outside Mannat
Mumbai: Bollywood superstarShah Rukh Khan's birthday is one of the most awaited events of the year for every Bollywood fan. Shah Rukh Khan starrer Zero hits the screen on December 21. "That was very dignified and loving of him".

Khashoggi's body was dissolved in acid, Turkish adviser says
We also know that those individuals came to carry out their orders: "Kill Khashoggi and leave", he wrote. Louis, said President Donald Trump had made it clear Washington would respond to the killing.

USA justice department charges former Goldman bankers in 1MDB scandal
Leissner is free on a US$20 million bond and pleaded guilty before a U.S. judge in August, in Brooklyn Federal Court. This included funds raised by 1MDB in 2012 and 2013 through three bond transactions executed with Goldman.

Djokovic marks return to top with Paris win
Defending champion Jack Sock did not face a break point and needed less than one hour to beat lucky loser Malek Jaziri 6-0, 6-4. Federer is chasing a 100th career title, while Djokovic is looking to win the Paris Masters for a record-extending fifth time.

Kevin Love of Cleveland Cavaliers undergoes surgery on left foot
Former assistant coach Jim Boylan , right, was with the Cavaliers from 2013-18. They don't want me here, so they obviously know". He said it's way too much money.

US, Russia, Saudi Arabia Crash Oil Prices - World News
US West Texas Intermediate (WTI) crude futures fell 86 cents to settle at US$66.18 a barrel, a 1.3 per cent drop. Prices capped this week's loss on signs of a possible trade agreement between the USA and China.

NASA says goodbye to Kepler Space Telescope
NASA's Kepler spacecraft has completed its primary planet-hunting and follow-up K2 missions and will be decommissioned. Kepler's more powerful follow-on mission, the Transiting Exoplanet Survey Satellite , is already in operation.

Ariana Grande Did Not Like Pete Davidson’s Marriage Joke At All
When she turned him down, Davidson was quick to note that he was now 0-3 when it comes to his attempts at marriage. Grande took to social media to respond shortly after the promo was posted online.

Asia Bibi to leave Pakistan
Authorities also stepped up security near an undisclosed detention facility where Bibi is being held for her safety. The acquitted woman - Asia Bibi - was facing the death penalty for allegedly making derogatory remarks about Islam.

Alec Baldwin arrested in NY after fight over parking spot
Baldwin was arrested in May 2014 after allegedly arguing with police about riding his bike the wrong way down Fifth Avenue. Actor Alec Baldwin waits to speak during the Iowa Democratic Party's Fall Gala, in Des Moines, Iowa, last November.

Two stabbed at Sony Music's London headquarters, man arrested
The victim was taken to a south London hospital with stab wounds and was pronounced dead at 8.15pm, the Metropolitan Police said. As-yet-unconfirmed reports said there was a fight between two staff inside the Sony building.

Trump administration to reinstate all Iran sanctions
Facts Global Energy estimates that Iranian exports will stabilize in the first half of 2019 at 800,000 barrels per day. With Iranian oil still flowing, Saudi Arabia may now need to think about cutting production, rather than increasing it.