Publicado: Sáb, Octubre 06, 2018
Financiera | Por Marilu Caballero

USA job growth cools; unemployment rate falls to 3.7 percent

USA job growth cools; unemployment rate falls to 3.7 percent

"There will be displacements, and distortions". While the data came in weaker than expected, the report noted higher revision in July and August.

That storm struck North and SC in mid-September and closed thousands of businesses.

Craig Erlam, senior market analyst at Oanda, said: "It's always hard to assess the impact of something such as Hurricane Florence but it would certainly appear it weighed on employment during the month". Almost 300,000 workers told the BLS that bad weather kept them away from their jobs, most likely in industries like hospitality in which they're paid only if they show up. That category saw an 18,200 decrease in payrolls, according to the report.

"Given the fact that the job market has been so strong for so long, there is an expectation that labour will begin to take more of the capital from corporate profits going forward", said Michael Arone, the chief investment strategist for the US SPDR business at State Street Global Advisors.

Other reports indicate the weather volatility is fading.

Asian unemployment increased to 3.5 percent while white unemployment dropped to 3.3 percent, the lowest since December 1969.

Data for July and August were revised to show 87,000 more jobs added than previously reported. Hiring data may show storm- related swings for October too, economists said.

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Beyond the payroll numbers and the jobless rate, the real news was that wages continued their steady but moderate rise. That's consistent with other reports showing strength in such activity.

Retail payrolls dropped by 20,000 jobs last month, the figure also revealed. That compares with 23,000 in August, though the September 2017 count of 1.47 million - following hurricanes Harvey and Irma - was the highest since 1996. "The standard measures just don't reflect those increases well, if at all".

The Trump administration's trade fights are unlikely to have had any measurable effect on last month's pace of hiring and probably won't until sometime next year, economists say. The annual advance of 2.8 per cent followed a 2.9 per cent gain in August.

With September's increase below the 0.5% gain recorded during the same time last year, that lowered the annual increase in wages to 2.8% from 2.9% in August, which was the biggest rise in more than nine years.

Figures from the Department of Labor also showed the USA economy created 134,000 jobs during the month, fewer than were expected. Online retail giant Amazon.com Inc (AMZN.O) announced this week that it would raise its minimum wage to $15 per hour for US employees starting in November. "The fall in the unemployment rate is largely due to the "right" reasons: people finding work (i.e. not because people gave up looking)", wrote Elise Gould, senior economist at the Economic Policy Institute.

A rising number of companies are converting part-timers who have wanted more hours to full-time workers and are posting more full-time jobs.

The smaller survey of households from which the jobless rate is derived regards persons as employed regardless of whether they missed work during the reference week and were unpaid as result.

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