Sunday, 23 September, 2018

U.S. employers add 148000 jobs in December, unemployment remains 4.1%

Canada's Unemployment Rate Hits Record Low U.S. employers add 148000 jobs in December, unemployment remains 4.1%
Elsie Buchanan | 06 January, 2018, 01:26

In December 2016, the unemployment rate was 6.9 per cent, the report said.

A few other points in the report look less than cheery for the holiday season, too.

ADP reported private sector employment increased by 250,000 jobs in December. That trend is what's expected in such a long economic expansion.

BLS Revisions- The change in total nonfarm payroll employment for October was revised from +244,000 to +211,000, and the change for November was revised from +228,000 to +252,000. While the largest three industries in terms of employment gains a year ago were professional services (excluding temporary help), health and social assistance and leisure and hospitality, employment growth in 2017 was also driven by a turnaround in mining and accelerated gains in manufacturing. Within the unemployment rates there were some interesting moves.

If that trend continues, more companies will be forced to raise wages in a meaningful way to compete for workers.

EPL: Manchester United anxious Mourinho could quit
Conte received a four-month suspension while at Juventus in the 2012-13 season for failing to report match fixing at his previous club Siena .


More broadly, the job market is shifting in a way that economists say helps explain why wage growth has been so sluggish. Pay raises have remained puzzlingly sluggish for many USA workers despite the robust job market.

There are roughly 6 million available jobs, near a record high, according to government data, and that number will grow.

"What we're seeing here is a continuation of a trend that we've seen in the retail industry and that's something we gotta get used to", White House chief economic advisor Gary Cohn said in a Bloomberg interview Friday. Average weekly hours ticked up by 0.1 to 34.5 hours. Businesses don't start raising wages based on the U-3 number, at least not directly; they raise wages to compete for qualified labor in scarce supply. Either employers are finding both in needed quantities or the economy is not growing fast enough to require a lot of additional labor.

President Trump has cited the soaring stock market - the Dow Jones reached 25,000 for the first time on Thursday - and continued job growth and consumer confidence as evidence that his presidency has had a positive effect on the nation's economy.

The tax reform bill, especially the corporate side, is tailored to address these issues by incentivizing repatriation of funds and investment within the US. Their survival in the midterm elections depends on it.

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