Healthcare job growth continues; hospitals add 12K positions in September

About 1,000 of the new jobs are full time with 2,300 part time

That marks the fifth month in a row in which manufacturing employment was more than 2 percent higher than the year-earlier period. Teen unemployment fell by 0.3 percent to 12.8 percent.

Analysts on average had expected a decline of unemployment to 3.8% in September, however, the statistics exceeded expectations.

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. While the employment rate (EPOP) for prime-age women (ages 25 to 54) edged up slightly to 72.9 percent, tying its recovery high hit in July, the EPOP for prime-age men dropped 0.1 percentage points to 85.9 percent, 0.5 percentage points below the peak reached in February.

Outpatient care centers added 1,000 jobs in September, while offices of other health practitioners added 2,000. Coal mining, however, lost 300 jobs. Employment in the coal industry is now 200 jobs below its year-ago levels.

On the service side, retail lost 20,000 jobs in September, while restaurants lost 18,200. As a result, the index of aggregate hours fell in both construction and manufacturing, as did average weekly pay. S&P Global economist Satyam Panday noted that the three-month average for job gains was 190,000, slightly below the rate of 201,000 over the past year.

USA construction employment in September was +23,000 jobs.

Now let's look at the numbers on an average hourly rate in raw dollars now compared with prior years.

The unemployment rate has dropped to the lowest rate since December 1969. The last time the USA saw 2 percent year-over-year growth in manufacturing jobs was April of 1995, according to Labor Department data. 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%. The largest increases included fabricated metal products (up 3,700), nonmetallic mineral products (up 2,700), food manufacturing (up 2,600), chemicals (up 2,400), computers and electronic products (up 2,100), furniture and related products (up 1,900) and machinery (up 1,700), among others. While this likely reflects, in part, the tightening of the labor market, it also is partly due to increases in the minimum wage in many states and cities.

Investors are also watching the wage-growth number closely amid a sell-off in the bond market this week.

Related:

Comments


Other news