County Unemployment Rate Down In September


Investors were more closely watching wage growth in October, which rose 0.2% over last month and 3.1% over past year, the fastest pace of annual wage gains since April 2009.

In the final major economic report before Tuesday's congressional elections, the government said Friday that US employers added a robust 250,000 jobs in October.

For Republicans, the good news about the economy has mostly been drowned out during the election campaign by Trump's focus on immigration and his attacks on Democrats, both of which energize the president's core supporters.

The president tweeted that the jobs numbers were "incredible" and urged people to "Keep it going, Vote Republican!"

Last month, employment in the leisure and hospitality sector likely rebounded after declining by 17,000 jobs in September, the first drop in year.

Economists polled by Reuters had forecast payrolls increasing by 190,000 jobs in October and the unemployment rate unchanged at 3.7 per cent. The Labour Department said Hurricane Michael, which struck the Florida Panhandle in mid-October, "had no discernible effect on the national employment and unemployment estimates for October".

Average hourly earnings for all private workers hit US$ 27.30 in October, up 83 cents from a year earlier.

Average hourly earnings posted their biggest year-over-year increase since 2009, partly because wage growth was very weak in October 2017. Given that the number of job openings around the US has exceeded the number of job-seekers since March, it's likely businesses will have to try work harder to attract employees, said PNC Senior Economist Bill Adams. In addition, the figures reinforce the outlook for Federal Reserve interest-rate increases that will keep economic growth in check. Leveraged trading is high risk and not suitable for all.

Stocks climbed Friday for a fourth day on the back of trade optimism.

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

The economy has now added jobs for 97 straight months, a record.

It's likely that the October wage figure was slightly inflated because the severe hurricanes previous year ended up depressing wages. The Fed raised borrowing costs in September for the third time this year.

Kudlow's comments refer to controversy that surfaced June 1 when Trump wrote on his Twitter account that he was "looking forward to seeing the employment numbers" that morning. "What's really impressive is that the unemployment rate would've declined if the participation rate hadn't risen, and that's a good thing".

If individual workers don't produce more, it is hard for employers to justify pay increases that exceed price increases.

Wages grew 3.1%, relatively robust growth after years of stagnant paychecks.

Wages are also rising. Economists had been expecting fewer new jobs after the slowest growth so far this year was recorded in the previous month. Last year, it looked like the pace of job growth had started to slow, as a business cycle expansion now its ninth year began showing its age. Payrolls adding 250,000 new jobs, well above expectations. Construction companies added 30,000 positions.

The gains in jobs and pay took a toll on the bond market, however. Government payrolls increased by 4,000.

The Bureau of Labor Statistics said most of the jobs occurred in health care, manufacturing, construction, and transportation and warehousing. So far, hiring in the manufacturing sector does not appear to have been affected by the White House's protectionist trade policy, which has contributed to capacity constraints at factories.