Slower Than Expected Job Growth in September

U.S. Employment Rises Much Less Than Expected In September

BACK TO WORK: Unemployment Drops to 3.7%, Lowest Since DECEMBER 1969

The U.S. economy added 134,000 jobs in September below analysts' expectations while the unemployment rate was 3.7 percent, the lowest since 1969.

The goods-producing sector added 46,000 jobs in September, with construction employment increasing by 23,000, bringing its 2018 total to 214,000.

According to the results of the research, the unemployment rate has accounted for 9.3 percent of the economically active population, which is 0.4 percentage points lower than in the first quarter of the year (9.7 percent). I expect the unemployment rate to hold at 3.9 percent. Average hourly earnings rose 0.3 per cent from the previous month.

The broader measure of labor underutilization, U-6, which measures the total unemployed plus marginally attached workers along with part-time workers for economic reasons, is at 7.5%, near its all-time low of 6.8% recorded in 2000.

In the past 12 months, the United States economy added over 2.5 million jobs.

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The growth in the number of jobs in the USA watch 96 consecutive months since October 2010, since the presidency of Barack Obama.

The report keeps alive the debate about how much slack may still be left in the labor market, and whether the reality matches the Fed's own estimates of the jobless rate under which inflation would start picking up - the so-called non-accelerating inflation rate of unemployment, or Nairu.

"I would view this as a full-employment jobs report", Alan Krueger, a Princeton University economics professor and former head of the White House Council of Economic Advisers under Barack Obama, said on Bloomberg Television.

Wall Street closed down sharply following the news, extending losses from Thursday's selloff due to a sudden jump in bond yields. But wage increases so far have been modest, something that puzzles economists but allows the Fed to move gradually.

As usual, the focus will be on wages - but even more so this time. As business demand for workers continues to rise, attractive wages and benefits are luring a growing number of persons from the sidelines back into the workforce (See "Rising US prime working-age labor participation"). In the Household Survey, employment rose 420,000, reversing August's 423,000 fall.

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