Thursday, 15 November, 2018

U.S. records strong jobs gains in October

Justin Sullivan  Getty Images North America Justin Sullivan Getty Images North America
Elsie Buchanan | 05 November, 2018, 05:31

The unemployment rate remained unchanged at 3.7%.

US job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labour market tightening that could encourage the Federal Reserve to raise interest rates again in December. You still have more people coming back to the labor market.

Overall the jobs report reflected the tightest labor market in several years, one putting pressure on employers to raise worker pay.

FILE- In this January 30, 2018, file photo, Loredana Gonzalez, of Doral, Fla., fills out a job application at a JobNewsUSA job fair in Miami Lakes, Fla. Data for September was revised to show 118,000 jobs added instead of the previously reported 134,000. The economic expansion is now the second-longest on record, and October marked the 97th straight month of hiring, a record streak.

The year-over-year change reflects possibly storm-boosted figures in October and storm-depressed numbers the prior year, though companies have also been steadily raising pay to attract and retain workers in a tightening market. Though economists predict that hiring will eventually slow as the pool of unemployed Americans dwindles, there's no sign of that happening yet. All levels of government added 4,000 jobs from public payrolls last month.

President Trump touted the figures in a tweet Friday, just days before midterm elections that will decide control of Congress. "Wages UP!"

The US Federal Reserve is not expected to raise interest rates when it meets to consider monetary policy next week, but the latest jobs report is likely solidify the case for the rate hike expected in December.

Analysts had been expecting the United States to add around 188,000 jobs over the month.

The report from the Bureau of Labor Statistics arrives less than a month after Hurricane Michael pummeled the Florida panhandle and Georgia, knocking some people temporarily out of work and dampening economic activity in the Southeast. The hospitality sector gained 42,000 jobs, the strongest bounce since last October's recovery from Hurricanes Harvey and Irma.

FBN's Blake Burman breaks down the October jobs report.

Tottenham boss Pochettino hails 2-goal Son after Cup triumph
We were able to have a go and change and we knew one goal could change the dynamic and that is the heart of the team. He said his side should have seen the game out though having equalised for the second time.


There were also big gains in manufacturing, construction and professional and business services payrolls.

Construction employment rose by 30,000 in October, with almost half of the gain occurring among residential specialty trade contractors.

If employees are pleased with their higher paychecks, financial markets tend to get nervous when wages climb too much since they're believed to lead to inflation.

In the July-September quarter, consumer spending grew by the most in four years and helped the economy expand at a 3.5 percent annual rate. The annual increase of 3.1 per cent followed a 2.8 per cent advance. So far, hiring in the manufacturing sector does not appear to have been affected by the White House's protectionist trade policy, which has contributed to capacity constraints at factories.

Participation rate increased to 62.9 per cent from 62.7 per cent the prior month; measure tracks share of working- age people in labor force.

Average hourly earnings in October grew 3.1 percent from ago, federal data show.

There are signs that pay growth is picking up.

The 12-month wage increase was the largest since 2009 and topped September's 2.8 percent gain.

Economists also noted that the pay increase remains well above the inflation rate. Wages rose at their fastest pace in almost a decade, up 3.1% from a year ago.

Recommended

Utah mayor, deployed to Afghanistan, is killed in attack Utah mayor, deployed to Afghanistan, is killed in attack Another attack four days later in western Afghanistan killed a Czech soldier and wounded two other Czech soldiers. Taylor, an officer in the National Guard, previously served two tours in Iraq and one tour in Afghanistan.

Nigerian army deletes tweet that quoted Trump on protesters Nigerian army deletes tweet that quoted Trump on protesters The post was apparently an attempt to justify the military's deadly crackdown on protesters in the West African nation. Some of the criticism came from the US Embassy in Nigeria and Amnesty International. "We urge restraint on all sides".

Iwobi Makes Assists As Arsenal Hold Liverpool Iwobi Makes Assists As Arsenal Hold Liverpool The Spaniard won the Europa League three times in succession with Sevilla, including one against Klopp's Liverpool in 2016, and is a formidable tactical mind.

Trump hopes that trade agreement with China will be finalized at G20 Trump hopes that trade agreement with China will be finalized at G20 The head of the White house Donald trump said that he expects to conclude trade deals between the United States and China. Earlier Friday, the Chinese foreign ministry said Trump and Xi had an "extremely positive" phone conversation Thursday.

IL sees jump in turnout for early voting IL  sees jump in turnout for early voting The political party numbers are broken down to: 1.29 million Republican voters and 1.23 million Democratic voters. A record number of people voted at early sites for a midterm this year.

Asylum-seeker kids to leave Nauru Asylum-seeker kids to leave Nauru The United States agreed in 2016 to accept up to 1,250 refugees from Nauru and Papua New Guinea. Morrison, a former immigration minister, said the refugees would not be settled in Australia.

Trump Tries To Revive Doubt Over Kavanaugh Claims After Little-Known Accuser Recants Trump Tries To Revive Doubt Over Kavanaugh Claims After Little-Known Accuser Recants Justice Kavanaugh, when confronted with the allegation, told Committee investigators, "The whole thing is ridiculous". Supreme Court, is going to break tradition "due to security concerns", the Supreme Court has announced .

Twitter reacts as Federer losses to Djokovic Twitter reacts as Federer losses to Djokovic He will meet Russia's Karen Khachanov in today's final as he looks to pull level with Nadal on 33 career Masters titles. After the two players held their serves for 4-all, Khachanov broke for the first time before bagging the first set 6-4.

Brock Lesnar Reportedly Scheduled For UFC 230 Appearance Brock Lesnar Reportedly Scheduled For UFC 230 Appearance The pre-show featuring Shinsuke Nakamura vs Rusev for the United States Championship starts at 3pm in the UK and 11am ET/8am PT. The win was secured when Kane was given a Pedigree by Triple H and pinned clean in the centre of the ring.

How do Leicester City recover from helicopter tragedy? How do Leicester City recover from helicopter tragedy? He used to come down at home games, have a joke and a laugh, always say, 'Want win and three points.' We did that today. After the win, Leicester are set to fly to Bangkok to attend Srivaddhanaprabha's funeral following the match.

Brazil's anti-corruption judge considers joining Bolsonaro Brazil's anti-corruption judge considers joining Bolsonaro Bolsonaro could be a vital partner for Trump on two of his loneliest worldwide battles - climate change and Israel. Bolsonaro appeared in public Tuesday for the first time as president-elect.

Destiny 2 Is Now Free on PC Until November 18th Destiny 2 Is Now Free on PC Until November 18th Destiny 2's base game is now available for free on PC.but be prepared to be locked out of content. This is of course, the base version of the game and does not include recent expansion, Forsaken .

Stormy Liberal wins Breeders' Cup Turf Sprint Stormy Liberal wins Breeders' Cup Turf Sprint The favorite, Bellafina, raced right behind the victor into the stretch but ran out of gas and was all out to finish fourth. Peter Miller made Breeders' Cup history as the first trainer to saddle two repeat winners in the same Breeders' Cup races.

Prince Charles is lord of the dance during Ghanaian welcome Prince Charles is lord of the dance during Ghanaian welcome The Prince will also meet with Ghanaian and worldwide business leaders to discuss sustainable practice in Ghana's cocoa industry. Charles and Camilla toured Gambia after touching down in Africa earlier this week - and will now visit Ghana and Nigeria.

NY state health insurance marketplace open for enrollment NY  state health insurance marketplace open for enrollment If you don't have coverage for 2019, you'll be on your own for major health care costs, but you won't be penalized at tax time. But the ACA is still the law of the land and financial assistance is still available for low and middle-income consumers.