What the 50-Year Record Unemployment Headlines Didn’t Tell You

What the 50-Year Record Unemployment Headlines Didn’t Tell You

The bottom line is that the extraordinary strength in the American jobs market remains in full force. However, the so-called real unemployment rate, which factors in discouraged workers who take part-time jobs for economic reasons, climbed to 7.5 percent.

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

The Fed last month raised its benchmark interest rate for the third time this year.

The growth in the number of jobs in the US there is 96 consecutive months, from October 2010, the time of the presidency of Barack Obama.

August's employment report was positive, with unemployment remaining at 3.9 percent and wage growth, which has been stagnant, moving up to 2.9 percent from a year earlier. As per the data, the unemployment rate fell to 3.7% in September from 3.9% in August. This year's monthly average is ahead by almost one-quarter (+22.9%) compared with January-September 2017. In the past three months, the Canadian jobs total was +54,000 in July; -51,000 in August; and now +63,000 in September.

The movie industry lost 300 jobs in September. The average monthly climb in USA construction jobs so far this year has been +24,000, or +44% compared with 2017's first nine-months' average of +17,000. Over 200,000 jobs were added, and earnings growth topped 2.9 percent for the first time since May of 2009.

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Canada's construction employment in September shot up by +28,000 jobs, but the monthly average for this year has been "no change".

According to the department, total nonfarm payroll employment increased by 134,000 and job gains mainly occurred in professional and business services, health care, transportation and warehousing.

There's been one remarkable development in US public sector jobs.

As for USA sectors where jobs prospects dimmed, "retail" (-20,000) had the worst record in September, followed by "leisure and hospitality" (-17,000). The last time the US saw 2 percent year-over-year growth in manufacturing jobs was April of 1995, according to Labor Department data. As a result, the index of aggregate hours fell in both construction and manufacturing, as did average weekly pay.

The BLS reported that average wages have risen 73 cents since September 2017, or 2.8 percent. Last month's manufacturing job losses could also be revised away.

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