United States unemployment rate falls to 4.1 per cent, lowest in 17 years

Nov 04, 2017, 00:55
United States unemployment rate falls to 4.1 per cent, lowest in 17 years

According to Doug Duncan, Chief Economist at Fannie Mae, the employment situation summary is underwhelming-as the much-anticipated rebound in October nonfarm payroll was less than market expectations at 261,000.

Nonbank mortgage employment declined in September, the largest drop since January, according to the Bureau of Labor Statistics.

U.S. job growth accelerated last month after hurricane-related disruptions hurt employment in September, but there were signs that labour market momentum was slowing as annual wage gains sharply retreated.

Wages failed to break out, rising 2.4% from a year earlier, a slowdown from last month.

Both the national and provincial unemployment rates rose slightly compared to last month's numbers, but is well below Windsor's increase.

Wages pressures in October were flat, however, with average hourly earnings falling by a penny to $26.53.

That was the largest gain since July a year ago, but was below economists' expectations for an increase of 310,000 jobs.

September's numbers saw a negative return, given the impact of Hurricanes Harvey, Maria and Irma.

The share of Americans participating in the labor force fell by 0.4 percentage point to 62.7% in October, the lowest reading since May.

The Federal Open Market Committee did not raise short-term rates following its most recent meeting on November 1.

September was the second month of disappointing growth in the United States jobs market.

The central bank cited ongoing strength in the labor market when it last raised rates in June, to the current range between 1% and 1.25%.

The Fed has hiked rates twice this year.

In October, 6.52 million workers who wanted a job couldn't find one. "Looking through the hurricane-created volatility, job growth is robust".

YOU MIGHT ALSO LIKE
  • Marseille open investigation into Evra's physical altercation with fan

    Marseille open investigation into Evra's physical altercation with fan

    Evra signed an 18-month deal with Marseille in January, but has failed to perform to expectations. He was then ushered away by a team-mate.
    Man fatally shot outside Chicago Starbucks was armed

    Man fatally shot outside Chicago Starbucks was armed

    According to the CBS affiliate Chicago , the incident occurred at the Starbucks location at Lawrence and Broadway around 8:15 p.m. He was identified as 28-year-old Sauvignon Watkins, according to family and the Cook County medical examiner's office .
    FBI Finds Person Of Interest For New York Terror Attack, Mukhammadzoir Kadirov

    FBI Finds Person Of Interest For New York Terror Attack, Mukhammadzoir Kadirov

    The New York FBI office on Twitter said it was still seeking any information the public might have on Kadirov. The second man was identified as Mukhammadzoir Kadirov , also know as Muhammad.
  • NAB to slash jobs, increase digital focus

    NAB to slash jobs, increase digital focus

    Heavyweight Rio Tinto Ltd closed at an over six-year high, while its rival, BHP Billiton Ltd closed at a 7-week high. As transactions move to digital channels - and this is driven by our customers - we will need fewer people.
    AAP needs Lt Governor's nod to govern capital: SC

    AAP needs Lt Governor's nod to govern capital: SC

    Governor on every issue, Chief Justice Misra said that it can only do do on which legislature (Delhi assembly) can enact laws. He added that even when there were differences between the L-G and state government, "the L-G can not be sitting on a file".
    Saudi-led Air Strike Kills 21 People in Yemen

    Saudi-led Air Strike Kills 21 People in Yemen

    As many as 29 civilians have been killed and several others injured as Saudi warplanes dropped bombs on Yemen's extreme northwest. An airstrike conducted by the Saudi-led coalition on a hotel in Yemen's northern Saadah province has killed 21 people.
  • Ashish Nehra believes India's future is bright under Virat Kohli's leadership

    Ashish Nehra believes India's future is bright under Virat Kohli's leadership

    Many people asked me if you would have liked to play more Test cricket. "The game has changed a lot since I started playing". Nehra , who never lost to the conditions, bowled 10 overs in the match and this was proved to be his best ODI performance.
    Warrant issued for ousted Catalan leader

    Warrant issued for ousted Catalan leader

    This led to the Prime Minister of Spain Mariano Rajoy dissolving the regional parliament and calling a snap election for December. A High Court source said the arrest warrant for Puigdemont , who is in Belgium, would "most likely" be issued on Friday.
    New Taylor Swift song coming tonight

    New Taylor Swift song coming tonight

    And to be honest, the line looks pretty good-not very prim-and-proper-Taylor, but more of a ripped-shirt-fishnet-stockings-Taylor. According to the release, Taylor will give a three-minute performance of a brand new song during an episode of Scandal .
  • Linking Aadhaar with mobile number must by February 6, says Centre

    Linking Aadhaar with mobile number must by February 6, says Centre

    Justice Sikri jokingly said that even he receives calls and messages asking him to link his accounts with Aadhaar. The apex court has left the decision on a constitutional bench that will decide on this matter later this month.
    NYPD gathering evidence to arrest Harvey Weinstein

    NYPD gathering evidence to arrest Harvey Weinstein

    She has publicly accused Weinstein of raping her twice in her apartment in 2010 and called police about it on October 26. She described the alleged encounter: "He pushed me onto the bed and his trousers were down and he lifted up my skirt".
    World of Warcraft Classic finally revealed at BlizzCon 2017

    World of Warcraft Classic finally revealed at BlizzCon 2017

    Blizzard did not reveal a release date for World of Warcraft Classic , only sharing that they're working on making it a reality. Players will explore the Zandalar empire and the home of Jaina Proudmoore, Kul Tiras.
popular