Tuesday, 22 August, 2017

US employers add modest 138K jobs; rate dips to 4.3 percent

FOREX-Dollar bounces back after strong U.S. private sector jobs report What to expect from the US jobs report
Mae Harvey | 03 June, 2017, 02:02

The economy added just 138,000 jobs, which was still high enough to help drop the unemployment rate to a 16 year-low of 4.3 percent. That's been the case in recent months, but revisions to past reports also suggests that the labor market may not be as strong as it once seemed.

"Disappointing", says Lynn Reaser, an economist at Point Loma Nazarene University in California. Almost 40 percent of the job cuts were announced by Ford Motor Co (F.N), according to the report.

US job growth continued in May with unemployment hitting its lowest level in 16 years, likely paving the way for the Federal Reserve to hike interest rates again in a couple of weeks. The Fed is expected to increase rates again in June, which would only be the fourth rate hike since the Great Recession.

Other economists suggest that meaningful pay gains tend to occur after a lag and that the low 4.3 percent unemployment rate will lead to higher wages over the next 12 to 18 months.

"Among the unemployed, the number of job losers and persons who completed temporary jobs declined by 211,000 to 3.3 million in May", according to the BLS report.

There was some good news in the employment report. Average wages rose 0.2% in May to $26.22 an hour, the government said Friday.

Are employers starting to run out of workers to hire?

Experts were split on the report. Average monthly job growth so far this year is now 162,000, compared with 178,000 in 2016. Reports for previous months were revised downward.

Chennai: 31-year-old Infosys employee found naked, dead
Expressing grief over the death of its emplyee, Infosys said police were investigating the matter. When their attempts failed, a male nurse in the office advised them to take him to hospital.

Mr Met gives fan the finger, employee out as team mascot
In his previous outing, deGrom (4-2) threw 118 pitches and became the first Mets starter this year to reach the ninth inning. NY had been trying to stretch a winning streak to four for the first time early April. "Tonight is on me", deGrom said .

Men probing Ivanka Trump brand in China arrested, missing
Hua's wife, Deng, meanwhile, has yet to tell the couple's children, ages 3 and 7, about their father's plight. In his opinion, they are being kept by the police or the factory, so that "there is no access to them".

One unusual characteristic of today's job market is that the unemployment rate keeps falling even as hiring has slowed. Headquartered in Oklahoma City, the worldwide staffing company has more than 770 franchises in the U.S., Canada and South Africa. "It's just part of the ups and downs from month to month". It plans to open 47 franchises before year's end, adding more than 400 jobs.

Paul Diggle, senior economist at Aberdeen Asset Management, said the weak job reading was unexpected but "isn't a disaster".

However, a litany of factors, such as consumer spending and interest rates, influence hiring decisions. North said. The job creation at this point in the recovery is still solid.

The slowing job growth contrasts with the euphoric observations of President Donald Trump, who in a speech Thursday took credit for "our tremendous, absolutely tremendous economic progress" since his election. Trump said the deal would have been bad for American workers.

Mining added 6,600 jobs in May, with 7,900 jobs added in support activities.

But manufacturers, retailers and governments lost workers last month.

Even with the figures, economic growth is likely to rebound this quarter and the United States is near full employment, helping explain why Federal Reserve policy makers are expected to raise interest rates when they meet on 13-14 June.

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