U.S. Employment Rises Much Less Than Expected In September

The September Employment Report was solid despite slower than expected job growth.
												
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Second, Hurricane Florence dented measured jobs, but by a lesser extent than the bigger hurricanes of September 2017.

"If the labor market were as tight as implied by the Fed's estimate of full employment, job growth this strong would likely place significant upward pressure on wages", Mickey Levy, chief US and Asia economist at Berenberg Capital Markets in NY, said in a note. The headline unemployment rate fell to 3.7 percent, the lowest level in 49 years. Average hourly employee earnings rose by $0.08 or 0.3% to $27.24 in September, reflecting a year-over-year increase of 2.8%.

"Another solid jobs report; not too hot and not too cold", Kate Warne, investment strategist at Edward Jones told FOX Business.

So far this year, the average number of jobs created each month is than last year. The coming months will indicate whether pay gains and prices will finally surge in response to a historically low unemployment rate, a development Powell says he doesn't expect.

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They added 87,000 jobs to the two months combined, most of those in August, which went from 201,000 jobs added to 270,000. But wage increases so far have been modest, something that puzzles economists but allows the Fed to move gradually.

Friday, the U.S. Census Bureau reported that the U.S. trade deficit with China now totals $38.6 billion - a new record, and an indication that President Donald Trump's tariffs on Chinese goods are not having the desired effect.

Within healthcare, hospitals showed the most employment growth last month, adding 3,800 more jobs than the 8,200 added in August. The jobless rate's decline to a 48-year low will put that view to the test.

Wall Street closed down sharply following the news, extending losses from Thursday's selloff due to a sudden jump in bond yields. Over the year, the unemployment rate and the number of unemployed persons declined by 0.5 percentage point and 795,000, respectively.

The last time the U.S. jobless rate was so low preceded more than a decade of economic pain tied to rising price pressures and efforts to rein them in. Teen unemployment fell by 0.3 percent to 12.8 percent. The participation rate has been essentially flat in recent years.

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