ibusinesslines.com October 15, 2018

Labor Dept.: Unemployment, job growth down in September

08 October 2018, 06:25 | Kelvin Horton

Demonstration by contractual workers Birnagar West Bengal Telegraph archive

Demonstration by contractual workers Birnagar West Bengal

The unemployment rate declined by 0.2 percentage point to 3.7 per cent, the lowest rate since 1969. Average hourly earnings rose from $27.06 to $27.16 - an annual rate increase of 4.5 percent and bringing year-over-year increases to 2.9 percent.

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

According to CNBC, the nation's job market roared to life last month as the unemployment rate for American workers plummeted to levels not seen in roughly 50 years.

It should also be remembered that by this time in 2008, the job market had been in a six-digit monthly free-fall for half a year.

Within healthcare, hospitals showed the most employment growth last month, adding 3,800 more jobs than the 8,200 added in August.

But the banner result from August's jobs numbers was surely the record low jobless rate, which was driven lower by job gains among adult women. The manufacturing sector saw net job losses in last month's report - that's worth watching, as it relates to concerns about tariffs, but it's worth monitoring for broader economic-health concerns as well. With the bigger than expected decrease, the unemployment rate fell to its lowest level since hitting 3.5% in December of 1969. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. But wage increases so far have been modest, something that puzzles economists but allows the Fed to move gradually. Often when wages increase, employers may begin to use more automation or equipment to reduce human labor requirements. Teen unemployment fell by 0.3 percent to 12.8 percent. Then, thanks to an Obama-initiated economic stimulus that some Democrats labeled necessary but inadequate, and 90 percent of Republicans flat-out opposed, the number of available jobs grew steadily, albeit with excruciating slowness over the next six years.

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