Everything You Need to Know About the September Jobs Report

Everything You Need to Know About the September Jobs Report

The unemployment rate fell two-tenths of a percent to 3.7 percent, the lowest number since December 1969, the Department of Labor said Friday. That reversed the increase from the prior week when claims were boosted by Hurricane Florence, which slammed North and SC in mid-September.

The category that includes restaurants, hotels and casinos lost jobs for the first time since September 2017, when Hurricane Harvey hit the Houston area, and retailers last month shed 20,000 jobs.

Hourly wages rose 2.8 percent in September from a year ago, a slight drop from August's 2.9 percent year-over-year growth.

In a separate report on Thursday, the Commerce Department said new orders for US -made goods recorded their biggest increase in almost a year in August, but signs of weakness in business spending on equipment suggested manufacturing could be slowing. For close to two-thirds of the USA population, this is the lowest unemployment rate in their lifetime. This suggests that the tax cuts that took effect this year are boosting job opportunities.

Data for July and August were revised to show 87,000 more jobs added than previously reported.

Shipments of core capital goods, which are used to calculate business equipment spending in the gross domestic product report, dropped 0.2 percent in August instead of rising 0.1 percent as reported last month.

The Trump administration says eliminating the trade deficit will put the economy on a sustainable path of faster growth, an argument that has been dismissed by many economists as flawed given constraints such as low productivity and slow population growth.

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Financial markets were down sharply in afternoon trading, with the Dow Jones average falling 202 points in afternoon trading.

The Federal Reserve approved the third rate increase of the year, last month.

The September jobs report was either noteworthy or disappointing, depending on how you look at it.

Unemployment fell to a 48-year-low of 3.7 per cent from 3.9 per cent in September, according to a data of the Bureau of Labour Statistics. Wage growth entered this year at 2.9% in January and remained the same last month on a year-over-year basis. However, overall, the economy added a lower number of jobs than expected.

The FOMC will continue to gradually raise the fed funds rate in 2019 as the job market continues to tighten. The next round of jobs data will come four days before Election Day, by which point most voters' minds may be made up.

While surveys have shown manufacturers growing more concerned about an escalating trade war between the United States and China, that does not appear to have affected hiring. Due to the tight labor supply right now, Amazon's retail competitors-notably Walmart and Target, as well as department stores and delivery services-will face the pressure to match Amazon's pay level or provide other forms of incentives. Professional and business services employment increased by 54,000 jobs last month and government payrolls rose 13,000. In fact, the Fed's latest survey of national business conditions reflected concerns about labor shortages that are extending into non-skilled occupations as much as about tariffs. And Americans with only a high school diploma recorded their best unemployment rate since 2001.