Wednesday , May 31 2023

The US economy provided 250,000 jobs in October, with unemployment remaining 3.7 percent


In a photo taken on September 27, 2018, the employee works at the Ford Motor Company Rouge Complex in Dearborn, Michigan, Ford 2018 and 2019 F-150. (Jeff Kowalsky / AFP / Getty Images)

The US economy added: 250,000 jobs in October. federal economists reported on Friday. The unemployment rate was 3.7 percent.

The government's latest labor market snapshot is the last in the mid-term election, showing a stronger boom than the widely-anticipated analysts.

The report arrived three weeks after Hurricanes broke florid pancakes and Georgia, some people temporarily from work and attenuating southeast-economic activity.

Michael's death followed the hurricane in Florence, flooding homes and roads in Carolinas.

Typical employees' income grew by 3.1 percent in the year ending October, and in the first decade, they broke the 3 percent growth ceiling for the first time.

The country now has 7.1 million openings, record high, announced by the Ministry of Labor on Tuesday.

Companies are under pressure to make more pay at the time when more vacancies are vacant than applicants to fill them, "said Andrew Chamberlain, chief economist at Glassdoor.

"Average earnings eventually start to pick up, especially in some low-skilled positions," he said. "Maintenance workers, bank counters, cashiers, chefs – employers work in many jobs."

Health, manufacturing, construction, transportation and warehousing fueled particularly strong labor growth in October.

The number of people employed in hospitals, nursing homes and other healthcare institutions increased by 36,000.

The number of manufacturing jobs jumped by 32,000 and the biggest gain was generated by the production of goods.

The country's unemployment rate in mid-September is nearly half a century low. The President accepted this data point. "Just out: 3.7% Unemployment is the lowest since 1969!" Trump tweeted on October 5th.

Some analysts have been spending more and more prizes on legislative steps. Eighteen states have increased their minimum wage this year.

He spoke at a Washington letter on Thursday, the White House economic adviser, Larry Kudlow, said he was opposed to this policy at national level.

"In my opinion, the federal minimum wage is a terrible idea. It's a terrible idea," he said, adding that this race would damage small businesses.

In the US, employment growth slowed down significantly in September, thanks largely to the devastating run-off of the Hurricane in Florence through Carolinas.

From According to the Labor Statistics Office, 313,000 people did not work in working time in September because of the rough weather.

According to economists, tens of thousands of people are likely to miss wages in October due to the hurricane Michael's damage.

Service and construction workers are likely to lose shifts during and after major storms. The crumbling rainforests store, wreck their paths and delay the delivery of building materials.

Business disturbances due to severe weather, according to a Federal Reserve study. Economic activity can take months to recover.

"You can not work in a workplace if you're under water," said Robert Frick, Navy Federal Credit Union Virginia, a corporate economist.

Source link