Markets

US unemployment falls to 3.7 per cent - lowest since 1969

US unemployment falls to 3.7 per cent - lowest since 1969

The unemployment rate for September dropped two-tenths of a point from August to 3.7 percent, according to the Bureau of Labor Statistics.

The drop of two-tenths of a percentage point in the U.S. unemployment rate from 3.9% in August pushed it to levels last seen in December 1969 and left it near the Fed's forecast of 3.7% by the end of this year.

"The weaker gain in payrolls in September may partly reflect some hit from Hurricane Florence", said Michael Pearce, senior US economist at Capital Economics in NY. Many economists see today's low rate as a continuation of the trend that began under President Barack Obama, although they think the Republican tax cuts played a role in keeping job gains strong this late in an economic expansion. Over the year, the unemployment rate and the number of unemployed persons declined by 0.5 percentage point and 795,000, respectively.

The unemployment also reached historic lows for multiple demographic groups. Data for July was revised to show the trade deficit rising to US$50.0 billion, instead of the previously reported US$50.1 billion. Due to the tight labor supply right now, Amazon's retail competitors-notably Walmart and Target, as well as department stores and delivery services-will face the pressure to match Amazon's pay level or provide other forms of incentives.

Where is the wage growth? As more slack is squeezed out of the labour market, economists expect annual wage growth to hit 3 per cent.

Washington last month slapped tariffs on $200 billion worth of Chinese goods, with Beijing retaliating with duties on $60 billion worth of United States products.

The monthly report is regarded as the most important...

Nonfarm payrolls increased by 134,000, fewer than expected and slowed in part by job losses attributed to Hurricane Florence.

Allison, Tasuku Honjo Win 2018 Nobel Prize In Physiology Or Medicine
He was then able to take this approach and develop it into the effective treatment deemed revolutionary by those in oncology. Honjo in a phone call, telling him: "I believe the achievements of your research have given cancer patients hope and light".

The fallout from Florence was apparent in employment at restaurants and bars, an industry where most workers only get paid if they show up to work. That reversed the increase from the prior week when claims were boosted by Hurricane Florence, which slammed North and SC in mid-September.

Meanwhile, record imports drove the U.S. trade deficit up for the third straight month in August.

The FOMC will continue to gradually raise the fed funds rate in 2019 as the job market continues to tighten. Online retail giant Amazon.com Inc (AMZN.O) announced this week that it would raise its minimum wage to $15 per hour for USA employees starting in November.

As a result, the Fed is all but guaranteed to stick to its plan of raising rates four times before the end of next year, he added.

Numerous dislocated people will probably return to work.

Hurricane Florence may have caused some distortions.

Last year, the storms that hit Florida and Texas wreaked havoc on September's employment data. Many of those jobs are likely to bounce back in the coming months. The data beat expectations as economists forecasted a drop to 3.8%.

Beyond the payroll numbers and the jobless rate, the real news was that wages continued their steady but moderate rise.


  • LG V40 ThinQ Has 5 Cameras!

    LG V40 ThinQ Has 5 Cameras!

    In the U.S. , it's priced between USD900 (around RM 3,728) and USD980 (RM 4,060) depending on which carrier you get it from. LG has already got charged up and brought its newest handset which can be regarded as iPhone's display killer.
    Centre, BJP-ruled states cut fuel prices, Congress calls it panic reaction

    Centre, BJP-ruled states cut fuel prices, Congress calls it panic reaction

    The centre now levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. Meanwhile, reports are coming in that Delhi, led by AAP will not cut Value-Added Tax on petrol and diesel.
    Theresa May dancing to ABBA's 'Dancing Queen' will make you wince

    Theresa May dancing to ABBA's 'Dancing Queen' will make you wince

    Which just so happens to be the definition of "sashaying", ergo the headline. The world would be a better place if we all danced to ABBA more .
  • Emirates halts all flights to Osaka, Japan

    Emirates halts all flights to Osaka, Japan

    Jebi follows Typhoon Cimaron, which made landfall on August 23, disrupting transport links, but injuries and damages were limited. Temperatures have hovered around 30 degrees Celsius (86 Fahrenheit). "I'd never expected this extent of damage from a typhoon".
    You wouldn’t last two weeks without us, Donald Trump tells Saudi king

    You wouldn’t last two weeks without us, Donald Trump tells Saudi king

    Saudi Arabia has increased crude production "significantly" to a near-record level amid intense pressure from U.S. Trump repeatedly has demanded OPEC and Saudi Arabia, the world's biggest oil exporter, push prices down.
    Trump engaged in tax fraud, dubious schemes in 1990s

    Trump engaged in tax fraud, dubious schemes in 1990s

    What's more, Trump and his family boosted their wealth through tax evasion and fraud, according to the Times . NY state tax officials are investigating the allegations in the Times report, according to CNBC.
  • FBI Report on Kavanaugh Draws Partisan Reactions

    FBI Report on Kavanaugh Draws Partisan Reactions

    Some key Republican senators have said they were waiting to review the report before making a decision on how they would vote. Mazie Hirono, D-Hawaii, deflected, saying, "This is not a comprehensive FBI investigation on which we can draw conclusions".
    Boris Johnson turns up heat on PM at Conservative meeting

    Boris Johnson turns up heat on PM at Conservative meeting

    She was cheered by a Brexity audience after she said "Britain isn't afraid to leave with no deal if we have to". This was despite the Tory leader's team meticulously putting together a media plan to keep off the front pages.
    Amazon launches Fire TV Stick 4K with Alexa integration in India

    Amazon launches Fire TV Stick 4K with Alexa integration in India

    You can now pre-order the Fire TV Stick 4K on Amazon for $49.99 or $79.98 if bundled with the new Echo Dot . That said, the Alexa Voice Remote can be used with the earlier launched Amazon Fire TV Stick as well.
  • Backing from senators puts Kavanaugh on track for U.S

    Backing from senators puts Kavanaugh on track for U.S

    Manchin said in a written statement, "My heart goes out to anyone who has experienced any type of sexual assault in their life". Grassley said the Federal Bureau of Investigation concluded "there is no collaboration of the allegations made by Dr.
    If The FBI Finds Nothing, Most Americans Want Kavanaugh Confirmed

    If The FBI Finds Nothing, Most Americans Want Kavanaugh Confirmed

    His subsequent mockery of her appearance was as crude and dismissive as his aides had feared. Senators will then vote on whether to confirm Judge Kavanaugh to the Supreme Court.
    Melania Trump visits former slave outpost in Ghana

    Melania Trump visits former slave outpost in Ghana

    First lady Trump was given a demonstration of how the hospital weighs babies during wellness checks in a sack-and-pully system. In addition to Ghana, she is due to visit Malawi, Kenya and Egypt before returning to Washington early on Oct 7.