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

Mae Love
October 7, 2018

This number just has not changed much through time.

The unemployment rate declined by 0.2 percentage point to 3.7 per cent, the lowest rate since 1969. Dental office hiring, which has been weak in recent months, shed 500 jobs. Friday's report revised August's count of new jobs from 201,000 to 270,000, while July's tally was revised from 165,000 new jobs.

It should also be remembered that by this time in 2008, the job market had been in a six-digit monthly free-fall for half a year.

The Fed last month raised its benchmark interest rate for the third time this year.

Canada as a whole added 229,100 jobs in September of 2017 compared to September 2018.

Overall, healthcare employment has increased by 302,000 over the year, according to the bureau.

About 3,300 more people were employed in Saskatchewan in September 2018 compared to previous year at the same time.

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Construction jobs up 23,000 in September and up 315,000 jobs over the past 12 months. It should therefore be noted that in the final 20 months of Obama's presidency, the average monthly job increase was 208,000.

Now let's look at the numbers on an average hourly rate in raw dollars now compared with prior years. In five of the nine months of 2018 so far, there have been cutbacks in Canadian construction employment. Total private sector jobs are averaging a rate of $27.24 per hour as of September. Verdict: if you included the revisions, the number was more or less in-line with expectations.

As for US sectors where jobs prospects dimmed, "retail" (-20,000) had the worst record in September, followed by "leisure and hospitality" (-17,000).

Compensation stayed in check in the latest month.

The average hourly wage in the United States last month increased by 0.3% compared to August and by 2.8% for the year, both indicators have coincided with market expectations.

Leaving out supervisory personnel, the all-jobs increases were +2.7% hourly and +3.1% weekly. Last month's manufacturing job losses could also be revised away. While B.C.'s employment advances were spread among a variety of sectors, Ontario's were nearly entirely in "educational services" (+14,000) and construction (also +14,000). Jobs in the trades were down 4,600. The "partial" removal of uncertainty (i.e., outstanding tariff issues related to steel and aluminum remain) concerning supply-chain arrangements between the three countries will provide a strong boost to business confidence.

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