Saturday, 17 November, 2018

JOBS BOOM: US Companies Add a Robust 227000 Jobs in October

JOBS BOOM: US Companies Add a Robust 227000 Jobs in October US job growth seen accelerating; strong annual wage gain expected
Laurie Berry | 05 November, 2018, 00:51

Sustained labor market strength eased fears about the economy's health following weak housing and business spending data.

"That was a tremendous number by any standards", Trump said.

And the leisure and hospitality sector bounced back from a flat September, adding 42,000 jobs last month.

The 250,000 jobs created in October was a significant increase over the 118,000 in September. "The current trend in falling unemployment rates since October 2009 - 9 years ago - is not accelerating". The average hourly earnings for all employees on private nonfarm payrolls rose by five cents to $27.30.

Employers also increased hours for workers last month. She felt she needed a high enough hourly wage to make up for the cost of child care for her three children.

The US added 250,000 jobs in October - the last jobs report before Donald Trump's first midterm elections. Some of the third quarter's weakness reflected lower spending on oil and gas drilling equipment as oil prices fell. The average workweek increased to 34.5 hours from 34.4 hours in September.

Oxford Economics said higher wages could spur inflation concerns among Fed policymakers.

In another dose of good news, the American workforce grew by 711,000 people, lifting the labour force participation rate 0.2 percentage points to 62.9%, after holding stubbornly stable through the economic recovery.

The Fed is not expected to raise rates at its policy meeting next week, but economists believe October's strong labor market data could see the USA central bank signal an increase in December.

Stock futures rose on Friday after the release of the report. "Market participants will likely need to adjust their expectations going forward".

Why Apple shares are selling off
If you're wondering "Why fourth quarter?", it's because the fiscal 2018 ends three months earlier than the calendar 2018. So at this point these are the cheapest alternatives to the new iPhones that are quite expensive - even the iPhone XR .

With relatively few unemployed Americans looking for work, employers are increasingly being forced to bid up wages to poach workers from other employers or retain the ones they have.

The country now has 7.1 million job openings, a record high, the Labor Department announced Tuesday.

Wage gains, while also distorted to some extent last month by hurricane effects, are probably arriving at a new normal of 3 percent, according to economists.

Some analysts have tied rising pay to moves by 18 states to increase their minimum wages at the start of the year.

The report from the Bureau of Labor Statistics arrives less than a month after Hurricane Michael pummeled the Florida panhandle and Georgia, knocking some people temporarily out of work and dampening economic activity in the Southeast.

That is seen supporting the economy through at least early 2019 when gross domestic product is expected to significantly slow as the stimulus from the Trump administration's $1.5 trillion tax cut package fades. The prime-age employment-to-population ratio, which looks at the share of the civilian non-institutional population who are employed, increased this month by 0.3 p.p. among men to 86.2 percent, and by 0.5 p.p. among women to 73.4 percent. All levels of government added 4,000 jobs from public payrolls last month. Retail payrolls rose by only 2,400 amid declines in employment at gasoline stations and sporting goods and music stores.

Among economists, there was wider agreement that the jobs report pointed to strength in the USA economy, despite recent worries that weakness may be emerging in some sectors such as housing and trade.

Among other key sectors, transportation and warehousing added 25,000 jobs in October.

The details on Friday's numbers show the gains were broad: 30,000 new jobs in construction, 32,000 in manufacturing and 179,000 in services.

Hiring spanned all sectors.

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