US Job Growth Seen Accelerating; Strong Annual Wage Gain Expected

US Job Growth Seen Accelerating; Strong Annual Wage Gain Expected

US Job Growth Seen Accelerating; Strong Annual Wage Gain Expected

Last month, the economy added 47,000 jobs in health care, 42,000 in leisure and hospitality, 32,000 in manufacturing, 30,000 in construction and almost 25,000 in transportation and warehousing.

USA companies added 227,000 jobs in October, according to a private survey, a healthy gain that suggests businesses can still find workers even with the unemployment rate striking 49-year lows.

Consumers are the most confident they have been in 18 years and are spending freely and propelling brisk economic growth. The U.S. economy is in its 10th year of expansion, the second-longest such period on record, and October marks the 100th straight month of hiring, a record streak. Many employers have been struggling to find qualified applicants, which helps explain why average pay rose 3.1 percent over the past 12 months - the fastest year-over-year increase since 2009. "What's really impressive is that the unemployment rate would've declined if the participation rate hadn't risen, and that's a good thing".

The US Federal Reserve is not expected to raise interest rates when it meets to consider monetary policy next week, but the latest jobs report is likely solidify the case for the rate hike expected in December.

Revisions were a net wash for payrolls in prior two months, as August was revised up 16,000 and September revised down 16,000; three-month average gain of 218,000.

For Republicans, the good news about the economy has mostly been drowned out during the election campaign by Trump's focus on immigration and his attacks on Democrats, both of which energize the president's core supporters. Manufacturers added 32,000 after two months of smaller gains, defying fears that Trump's trade fights would slow hiring in that sector.

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The Fed is not expected to raise rates at its meeting next Wednesday, but economists believe strong labor market data could see the U.S. central bank signal an increase in December.

Job growth in the United States slowed considerably in September, largely because of Hurricane Florence's devastating run through the Carolinas.

The Fed is not expected to raise rates at its policy meeting next week, but economists believe October's strong labour market data could see the US central bank signal an increase in December.

Economists polled by Reuters had forecast payrolls increasing by 190,000 jobs in October and the unemployment rate unchanged at 3.7 per cent.

Retailers barely hired, adding just 2,400 positions, possibly reflecting the Sears bankruptcy.

Americans boosted their spending by the most in almost four years in the July-September quarter.

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Victoria's unemployment rate remains the lowest in B.C.at 3.9 per cent in October, unchanged from the month before. For employee work, the private sector added 20,300 positions last month, while the public sector lost 30,800 jobs.

According to a report last week from the research arm of the payroll processing firm ADP, for instance, American workers are earning almost $1 more per hour on average than they were a year ago. In the early 2000s and late 1960s, wages for nonsupervisors, for which more years of data are available, were growing at a 4%-or-better annual pace.

Average hourly wages dipped in October 2017.

Manufacturing output and hiring remain healthy, according to a survey by a private trade association, although increased tariffs have raised factory costs.

These numbers also were reflected in an uptick of 0.2 percentage points in the labor-force participation rate, to 62.9%.

"Average wages are finally starting to pick up, especially for some lower-skilled positions", said Andrew Chamberlain, chief economist at Glassdoor. That trend, in turn, can accelerate inflation.

Economists also noted that the pay increase remains well above the inflation rate.

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