US job growth surges; annual wage gain biggest since 2009

05 November, 2018, 00:52 | Author: Brooke Harris
  • JOBS BOOM: US Companies Add a Robust 227000 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.

"These are incredible numbers", President Donald Trump commented in a November 2 morning tweet.

- US employers added a stellar 250,000 jobs last month and boosted average pay by the most in almost a decade in an effort to attract and keep workers. Professional and business services 35,000.

Job gains in September were revised down to 118,000 from 134,000 in Friday's report.

But with unemployment flirting with historic lows and the economy juiced by tax cuts, stimulus and steady job creation, economists say policymakers will feel they have little choice but to continue raising rates to stave off inflation and prevent the economy from overheating.

Hurricane Michael, which slammed into the Florida Panhandle and southern Georgia last month, had no discernible effect on the jobs data, the government said.

In late August, she took a job at a hospital in Springfield that pays $11.22 an hour. The unemployment rate for Hispanics (4.4 percent) is the lowest it has been since the series began in 1973. Other data released this week shows that compensation costs are now rising more quickly. The personal consumption expenditures price index excluding the volatile food and energy components has increased 2.0 percent for five straight months. The Fed is expected to raise rates for a fourth time this year in December, and economists expect at least two further increase next year. The last time this occurred was over a year ago (June 2017). Prices of U.S. Treasuries were lower.

And Diane Swonk of Grant Thornton noted that while wages are rising, benefits have not recovered, despite comments from employers that they are beefing up perks to attract and retain workers. There are a record 7.14 million open jobs.

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Online retail giant Amazon.com Inc (AMZN.O) announced last month that it would raise its minimum wage to $15 per hour for USA employees starting in November. Average hourly earnings rose 3.1 percent in October from a year earlier, the sharpest year-over-year gain since 2009. An influx of new job-seekers increased the proportion of Americans with jobs to its highest level since 2009.

Although voters see the economy as one of the top issues that will determine who they favor for in the midterm elections, according to Pew Research, analyses of past midterms show that partisan views tend to overwhelm the objective performance of the labor market.

Employment-population ratio rose to 60.6 per cent from 60.4 per cent.

But according to Stan Shipley, a strategist at Evercore ISI, the rebound last month from Hurricane Florence actually added an estimated 34,000 jobs to October's payrolls total.

Construction companies hired 30,000 more workers in October. Government payrolls rose by 4,000 jobs.

The jobs data showed companies kept right on hiring in healthcare, manufacturing, construction, transportation and warehousing, despite continued reports of a shortage of skilled labour. Job gains in the sector, which accounts for about 12 per cent of the USA economy, could slow after a survey on Thursday showed a measure of factory employment fell in October.

The United States is locked in a bitter trade war with China that has led to tit-for-tat tariffs.

Despite the protectionist measures, the trade deficit continues to deteriorate. That sector has averaged a monthly gains 21,000 new positions over the past 12 months.

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