Wednesday, 24 October, 2018

Unemployment rate is lowest since 2000

This year the economy has added an average of 202,000 jobs each month This year the economy has added an average of 202,000 jobs each month
Scott Davis | 06 May, 2018, 00:02

The unemployment rate in the US fell to the lowest level since December 2000, amounting to 3.9%.

Almost nine years into the recovery, the job market keeps delivering: The government said Friday that employers added 164,000 jobs in April - the 91st straight month of hiring growth, the longest such streak on record.

The unemployment rate dropped below 4 percent in April for the first time since 2000.

"The moderation in job gains over the past two months may mark the beginning of the slow deceleration to a sustainable pace of job gains, which we estimate to be around or a little below 100,000 per month", said Michael Feroli, an economist at JPMorgan in NY. Many employers have said how hard it is to find qualified workers. Walmart's minimum wage hike to $11 an hour has contributed to the same kind of dynamic early this year.

The average hourly wage rose by 2.6 percent year-over-year, maintaining a slow pace of growth, according to forecasts. Some analysts warn that wage growth in the USA remains relatively weak, suggesting that the United States labor market may be less healthy than it appears. That left the annual increase in average hourly earnings at 2.6 percent. But a deeper look into the numbers suggests that it was April's 236,000 decline in the labor force that caused the unemployment rate to dip so low. Total employment increased by 164,000 people. Initially, the agency showed the sector adding jobs in March, but Friday's release shows that employment in the industry remained flat at 1,135,500 jobs in both February and March. Although there was an increase in wages, we would like to see more wage growth. That means the U.S.is at full employment - and that wages should be going up.

April is the 91st consecutive month of job gains which is, by far, the longest streak of increases ever recorded.




First off, there's the reason unemployment dropped: Because Americans are dropping out of the workforce, as opposed to an increase in the number of workers with jobs, as Dean Baker, economist at the Center for Economic and Policy Research, points out.

Overall, the job gains occurred in professional and business services, manufacturing, health care, and mining categories.

Many economists say the unemployment rate is now so low that wage growth should begin to climb this summer, since employers will face more pressure to boost pay in order to hire workers.

Economists expect the unemployment rate will drop to 3.5 percent by the end of the year. "Compensation has become a major issue for many employers, given the current economic climate and competitive market".

"The shortage of qualified workers is clearly holding back even stronger economic growth", NFIB Chief Economist Bill Dunkelberg said.

Recommended

  • Activision Blizzard reports 15.7 pct rise in adjusted revenue

    The P/E ratio is one of the most common ratios used for figuring out whether a company is overvalued or undervalued. The rating was maintained by Mizuho on Wednesday, August 5 with "Buy". $6.15M worth of Activision Blizzard , Inc.
    5 players to watch at the Wells Fargo Championship

    5 players to watch at the Wells Fargo Championship

    Still in the early stages of his return from debilitating back trouble, Woods said the more he plays, the better he feels. Luke List ($7,400): He has been on of the best players on Tour this season, now ranking 11th in FedEx cup points.
    Gerrard says to resume Rangers manager talks this week

    Gerrard says to resume Rangers manager talks this week

    The 37-year-old's only previous coaching experience has come at Liverpool , where he has spent almost a year managing the Under-18s side.
  • AG: Nearly 3 million Pennsylvanians impacted by Facebook privacy breach

    The company was able to amass the database quickly with the help of an app that appeared to be a personality test. The firm was accused of improperly obtaining personal information on behalf of political clients.
    Flipkart's Sachin Bansal's May Quit After Closing Deal With Walmart

    Flipkart's Sachin Bansal's May Quit After Closing Deal With Walmart

    Amazon , on its own, has committed investments to the tune of Dollars 5 billion for its operations in India. The global e-tailer has made a formal offer to buy a 60% stake in Flipkart on Monday, sources said.
    Dominican Republic establishes ties with China, breaks with Taiwan

    Dominican Republic establishes ties with China, breaks with Taiwan

    The Chinese regime planned to "punish" Taiwan by snatching away the democratic island nation's last remaining diplomatic allies. However, Taiwan has struggled to compete with an increasingly wealthy and powerful China.
  • Tiger Woods up to par on first day of Wells Fargo Championship

    Tiger Woods up to par on first day of Wells Fargo Championship

    Besides the short putts he missed at 14 and 16, Woods also made bogey with a wedge in his hand on the par-5 10th hole. The greens aren't quite as fast as I remember but they are more hard . "I just didn't make anything today".
    #IfSlaveryWasAChoice marks bad week for Kanye West

    #IfSlaveryWasAChoice marks bad week for Kanye West

    His comments sparked a backlash on social media with some Twitter users suggesting the rapper should revisit the history books. Slavery goes to direct to the idea of blacks.
    Brexit: The government's customs options

    Brexit: The government's customs options

    Asked whether there were other options, her spokesman said: "Work has been ongoing on two options, that work has been proceeding". President Donald Trump meets with British Prime Minister Theresa May during the U.N.
  • Fed: Interest Rates to Remain Steady for Now

    Fed: Interest Rates to Remain Steady for Now

    But some traders had expected the Fed to clearly signalwhether it will pull the trigger on two or three more rate hikes this year. The euro area economy expanded at a slower pace in the first quarter, preliminary flash estimate from Eurostat showed Wednesday.
    Kim set to release United States  prisoners before talks

    Kim set to release United States prisoners before talks

    That was confirmed Thursday afternoon by White House Press Secretary Sarah Sanders and State Department spokesman Heather Nauert. Rudy Giuliani, Trump's new main lawyer, told Fox News Channel that Pyongyang would release them as early as Thursday.
    Jeremy Hunt to launch inquiry into 450000 missed breast cancer screenings

    Jeremy Hunt to launch inquiry into 450000 missed breast cancer screenings

    Mr Hunt confirmed work is ongoing between the United Kingdom and Welsh governments to ensure the letters are sent out to everyone. He announced an independent review and apologised "wholeheartedly and unreservedly" to the women and their families.

Elon Musk Apologizes for Dismissing Finance Questions; Tesla Stocks Fall Anyway Elon Musk Apologizes for Dismissing Finance Questions; Tesla Stocks Fall Anyway The decline grew after Musk lashed out at the analysts, and Tesla shares ended up closing down 5.5% in Thursday's session. Musk told investors during the earnings call that Model Y production wouldn't start until "early 2020" at the earliest.

U.S. judge says Mueller should not have 'unfettered power' in Russian Federation probe U.S.  judge says Mueller should not have 'unfettered power' in Russian Federation  probe Prosecutors also wanted to bring the Virginia charges in the District of Columbia, arguing it would be more efficient. Judge Ellis, hearing motion-to-dismiss arguments in the Virginia case in which Mr.

Right on time: North Korea adjusts time zone to match South Korea Right on time: North Korea adjusts time zone to match South Korea US President Donald Trump has also hinted on Friday at progress in winning the release of three Americans held in North Korea. The US president added, however: "Now I have to tell you, at some point into the future, I would like to save the money".

Four Turkish opposition parties agree election alliance deal Four Turkish opposition parties agree election alliance deal Absent from the election pact is the pro-Kurdish Peoples' Democratic Party (HDP), which is also strongly hostile to Erdogan. Despite having been in jail since November 2016, former leader Selahattin Demirtas is expected to head this campaign.

Kentucky Derby: How to Watch Kentucky Derby: How to Watch Post positions may not matter for the long haul, but they can make all the difference in the scrum at the beginning of the race. Justify and Magnum Moon are the only two in this field that could end the 135-year-old curse.

Mourinho Not Done With Wenger Yet Despite Resignation From Arsenal Mourinho Not Done With Wenger Yet Despite Resignation From Arsenal The league defines a full strength team as one picked from the club's official 25-man PL squad. By then, United was 1-0 ahead thanks to Paul Pogba's 16th-minute goal.

You should change your Twitter password You should change your Twitter password The problem has been resolved and an internal investigation had found no indication passwords were stolen or misused by insiders. Twitter does not make public how many registered users they have, preferring to report on "monthly active users".

Gas prices hit highest point since 2014 Gas prices hit highest point since 2014 According to AAA , the national average gas price on April 30 is $2.81, the highest since November of 2014. The U.S. has 1.1 million fewer barrels of oil than it did this time previous year , according to the AP.

Elon Musk says Tesla 'restructuring' so the company can become profitable Elon Musk says Tesla 'restructuring' so the company can become profitable The company is scheduled to report its next quarterly earnings report after the market closes on Wednesday, May 2nd. The deals take the German manufacturer within striking distance of a sought-for 50 billion-euro total.

Congress playing communal card in Karnataka: RS Prasad Congress playing communal card in Karnataka: RS Prasad The prime minister said a Congress leader even called the Army chief a " goonda " (gangster) after the surgical strike. He said, "Congress is polarising the society of Karnataka".

Apple sold 52.2 million iPhones during the quarter Apple sold 52.2 million iPhones during the quarter The company forecasted a midpoint of $52.5 billion in revenue for the June quarter, beating analyst expectations of $51.6 billion. Heading into earnings, investors were hopeful that growth in that segment could help offset the cooling global smartphone market.

Differing Views on Strength in US Manufacturing Sector for April Differing Views on Strength in US Manufacturing Sector for April The contraction quickened to a solid pace that was the fastest since the end of 2017. The reading for April was the weakest since March 2017.

Supreme Court collegium defers decision on Justice KM Joseph's elevation Supreme Court collegium defers decision on Justice KM Joseph's elevation The government on 26 April declined to accept the recommendation of the collegium and asked it to reconsider his name. Firstly, a proper (BJP-led) government with almost three-fourth majority has been elected in Uttarakhand.

Dhoni, Watson set up another thrilling win for Super Kings Dhoni, Watson set up another thrilling win for Super Kings The Super Kings skipper was able to complete a third half century of the IPL-11 with a double off the final ball of the innings. But at death, Bravo was taken apart, after spinners had done the job of keeping things tight in the middle overs.

University of MI represented in Tony nominations for 'Mean Girls' University of MI  represented in Tony nominations for 'Mean Girls' It now will face " The Children ", " Farinelli and The King ", " Junk " and " Latin History for Morons " for best new play. Best Original Score nominees are Angels in America, The Band's Visit , Frozen , Mean Girls , and SpongeBob SquarePants .