Unemployment rate lowest since 1969

Unemployment rate lowest since 1969

Unemployment rate lowest since 1969

The claims data has no bearing on September's employment report, which is scheduled for release on Friday. Bond yields spiked following the jobs report, with the benchmark 10-Year Treasury hitting 3.24 percent - its highest level in more than seven years.

The number of Americans filing for unemployment benefits fell to a near 49-year low last week, pointing to sustained labour market strength, which should continue to underpin economic growth.

And a new Trump administration tariff on $200 billion in Chinese imports - along with China's retaliation against U.S. imports - took effect last month, hitting many consumer goods. Most U.S. businesses will try to absorb the higher costs themselves, at least for now, and avoid any layoffs.

Still, should the tariffs remain fully in effect a year from now, roughly 300,000 jobs could be lost by then, according to Mark Zandi, chief economist at Moody's Analytics.

The unemployment rate for those with a high school degree and no college attendance hit 3.7 per cent, the lowest since April 2001. Analysts noted that this is the lowest unemployment rate since 1969.

If the rate keeps dropping, it will heighten two concerns: Has the economy soaked up almost all the people who want or are able to work?

This could ease concerns about the economy overheating and keep the Federal Reserve on a path of gradual interest rate increases.

Here's why: The government counts people as unemployed only if they're actively looking for a job.

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Numerous dislocated people will probably return to work. Service providers increased payrolls by 75 000 workers, the lowest in a year, as retail also showed a 20 000 decline. And the rising presence of prime-age people in the job market has been offset by the steady retirements of older members of the vast baby boom generation.

Construction companies hired 23,000 more workers last month after increasing payrolls by 26,000 jobs in August.

Employers added fewer nonfarm positions than expected as Hurricane Florence caused job losses in restaurants and bars.

The number of part-time workers who would have preferred to have full-time jobs rose by 263,000 to 4.6 million.

With September's increase below the 0.5 percent gain notched during the same period last year, that would lower the annual increase in wages to 2.8 percent from 2.9 percent in August, which was the biggest rise in more than nine years. An Institute for Supply Management survey published this week showed robust employment gains in the services sector in September.

This week, Amazon announced that it will raise the minimum wage for all USA workers to $15 per hour, starting in November. Weather-related absences and curtailments also took a toll on the tally of aggregate hours worked.

A better measure of paychecks is average weekly earnings, Boockvar argues, which are up 3.4% from a year ago.

One of the main factors in the dip in the vacancies was likely to be Hurricane Florence, which struck North and SC at the beginning of September, closing thousands of businesses.

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