United States added 250,000 jobs, wage growth fastest since 2009

United States added 250,000 jobs, wage growth fastest since 2009

October's report, however, is among several recent signs that wage growth is picking up. The headline unemployment rate remained at 3.7%, the lowest since December 1969, and for the right reasons.

Yet Americans are still saving a decent chunk of their income, with little sign that most people are amassing a risky level of debt.

Wages are rising solidly ahead of the rate of inflation, which is running near 2%.

Employers added 250,000 new jobs in October, far more than economists had expected.

President Trump seized the moment in a tweet. "These are incredible numbers".

A strong labour market is continuing to pull people off the jobs-market sidelines.

The president noted October's gain came "despite the hurricanes". Michael's destruction followed Hurricane Florence, which devastated homes and roads in the Carolinas with flooding. Average monthly hiring this year is above the pace of 2017.

Among the rosy employment statistics in Friday's monthly hiring report, one especially shines: Worker wages in the US are finally taking off. Average hourly earnings rose 0.2 per cent month-on-month and 3.1 per cent year-on-year, up from 2.8 per cent growth in September. But better late than never, and stronger wage gains might be around the corner. That has been happening for higher-skilled workers such as engineers and welders. "I had to bring home enough on top of child care".

Analysts say the robust job growth streak took off in 2014 and has largely kept pace since. (A move at the next meeting on November 7-8 is a long shot, with only a 10.5% probability.) The odds still also favor a second 25-basis-point increase from here by mid-2019, but it's only even-money odds for a third.

"The risk in 2019 is that the Fed will increase the pace of rate hikes", said Joe Brusuelas, chief economist at RSM in NY.

"The economy peaked in the second quarter of this year and has been slowing for four to five months", said David Kotok, chair of Cumberland Advisors. He said he earns $21.60 an hour and is hoping to land a higher-paying salaried position soon. Bernie Sanders, I. -Vermont, Amazon last month said it would raise its minimum wage to $15 an hour.

USA job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December.

Wayne Rooney to make one-off England return vs USA
Rooney guided his team DC United to the MLS play offs scoring 12 goals but they were dumped out by Columbus on penalties. Southgate said: "This tribute to Wayne is a unique opportunity that is befitting of our nation's record goal-scorer".

Good news for the economy is once again bad news for financial markets. "That translates into more consumer consumption and a attractive picture in terms of growing the economy into next year". The average so far under Trump is 196,000, a solid number given the low unemployment.

It's likely that the October wage figure was slightly inflated because the severe hurricanes past year ended up depressing wages.

Koszner said the key to whether the reforms work long-term will be whether the reforms lead to higher investment and higher productivity. While productivity has perked up some in the past six months, gains in output per worker have been weak during most of the current expansion.

"A tight labor market causes employers to compete for the workers they want to attract and retain, and one way they compete is on salary", Adams said.

Service and construction workers are most likely to lose shifts during and after major storms.

The strong job growth and bigger pay increases will likely encourage the Federal Reserve to keep raising short-term interest rates.

In the blue-collar focused manufacturing and construction sectors, some 32,000 and 30,000 jobs were added, respective.

Revisions were a net wash for payrolls in prior two months, as August was revised up 16,000 and September revised down 16,000; three-month average gain of 218,000.

"This is the best labor environment in over a decade", said Joseph Brusuelas, chief economist at RSM U.S., an global consulting firm.

Given these weather-related distortions, this month's figure alone doesn't tell us much.

But finding those workers could be a challenge, said S.B. Cha, chief executive of the Hayward, Calif., firm.

The prospect of interest rates rising faster than financial markets anticipate has roiled the USA stock market and a strong report on Friday could renew selling on Wall Street. As a hedge against that, Kinestral moved its software-development team to Salt Lake City a few years ago.

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