USA wage growth jumps to its highest rate since 2009

Donald Trump

Donald Trump

"It is encouraging to see that Americans are seeing more in their paychecks as job creators compete for the best talent in the workforce", Acosta said in a statement.

"Wow! The U.S. added 250,000 Jobs in October - and this was despite the hurricanes".

The two reports also respond differently to hurricanes.

While the underlying numbers were positive and some degree of gains is likely to continue, several factors weigh heavy: the US trade war with China poses a risk, companies may be slowing capital investment and the effects of fiscal stimulus such as tax cuts are expected to fade.

In September, the USA civilian labor force added a disappointing 118,000 nonfarm positions.

In another dose of good news, the American workforce grew by 711,000 people, lifting the labour force participation rate 0.2 percentage points to 62.9%, after holding stubbornly stable through the economic recovery.

The number of persons employed part time for economic reasons was unchanged at 4.6 million. That compares with 36,000 people not at work due to weather in the same period a year earlier.

Those higher wages may be drawing more people into the labor market.




Healthcare and social assistance added 46,700 jobs. For the year, health care employment grew by 323,000. Nominal weekly earnings growth is an even stronger 3.4 percent over the past 12 months. Since the President was elected, construction and manufacturing have fared extremely well, adding 507,000 and 446,000 jobs, respectively. Construction expanded by 30,000 roles, almost half of which focus on residential homes.

Employment gains averaged 218,000 jobs per month over the past three months, double the roughly 100,000 needed to keep up with growth in the working-age population.

By some measures, consumers are the most confident they have been in 18 years, and their spending is propelling brisk economic growth. Despite the end of the summer driving season on Labor Day, employment in leisure and hospitality edged up in October by 42,000. But the pace of job growth has picked up again, with job gains in every major sector in October. Economists had been expecting fewer new jobs after the slowest growth so far this year was recorded in the previous month. "Just out: 3.7% Unemployment is the lowest number since 1969!" The non-farm payrolls figure, which shows whether private employers outside farms are hiring staff, is of... In manufacturing, the workweek edged down 0.1 to 41 hours and 3.5 hours of overtime.

Average hourly earnings rose five cents, or 0.2 per cent, in October after advancing 0.3 per cent in September. A Pew Research Center survey in September-October showed significant majorities of voters who support Democratic candidates saw the rich-poor gap and wages as "very big" problems in the country today.

The economy created 118,000 jobs in September. That was mostly offset by the August revision to 286,000 jobs, up from 270,000.

Hurricane Michael, which hit the Florida Panhandle and Georgia last month "had no discernible effect on the national employment and unemployment estimates for October", the Labor Department said. ADP's report doesn't include government employment and frequently diverges from the official figures, however. Meanwhile, the United States trade war with China poses a risk to further gains and companies may be slowing capital investment.

Fannie Mae Chief Economist Doug Duncan said the latest report further suggests a strong economy, but noted that some of the gain reflected a bounce-back from the storms in September.

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