villasos.blogg.se - Namely jobs

While that could well be a statistical blip, it cuts in the opposite direction of what the Fed would hope to see - namely, an expanding labor force.In particular, the drop in the jobless rate was paired with a contraction in the labor force: 57,000 fewer Americans were either working or looking for work.

But in the halls of the nation's central bank, it will be interpreted as a sign that their campaign to tighten the screws of monetary policy - for all its effects in making global markets go haywire- is not constraining surging demand. Over the last three months, wages have risen faster than prices, assuming the September Consumer Price Index announced next week comes in about as expected.īetween the lines: That's good news for workers.

Similarly, average hourly earnings were up 0.3% in September.

The 263,000 jobs employers added are a deceleration from the 439,000 jobs added on average over the first eight months of the year, but still represent a very healthy pace of job creation - higher than the average rate of job creation in any year of the 2010s expansion.

Pretty much every American who wants a job right now can get one. The unemployment rate fell to 3.5% from 3.7% the last time it was lower was May of 1969. labor market is great for workers, but will make the Fed inclined to keep pushing interest rates higher, with all the problems that entails.īy the numbers: The U.S. Why it matters: The remarkable resilience in the U.S.

We're at a moment in which small changes in the data could have an outsized effect on the Federal Reserve's policy fulcrum, and hence what the economy looks like in 2023 and beyond. Job creation remained robust, the unemployment rate fell to match a five-decade low, and wages rose steadily in September. Most of the time, if a jobs report like the one that came out Friday morning were to be released, there would be only good things to say about it.