President Donald Trump immediately praised “blowout” jobs data,
stating that adjusted employment figures showed growth of 303,000 roles.
However, this includes upgrades to figures from previous months and other
He tweeted: “Wow, a
blowout JOBS number just out, adjusted for revisions and the General Motors
strike, 303,000. This is far greater than expectations. USA ROCKS!”
The jobs data for August and September was revised upwards. In August, 51,000
more roles than originally thought were added to the US economy and 44,000 more
jobs were created in September.
The data from the Labor Department showed that the manufacturing sector shed
36,000 positions last month, the biggest fall for a decade.
However, within manufacturing, employment in the motor vehicles and parts
sector declined by 42,000 because of the strike at GM. Striking employees are
treated as unemployed in the US statistics.
The White House said that 60,000 jobs were affected by the GM strikes.
Public sector payrolls fell in October because 20,000 temporary workers who
had been preparing for the 2020 Census completed their work.
On October 30, the Federal Reserve cut the key interest rate, but signaled that there would not be further reductions in the near term.
President-elect Donald Trump has blasted union leader Chuck Jones, who accused him of lying about his deal to stop air conditioning maker Carrier from moving jobs to Mexico.
Donald Trump said Chuck Jones had done a “terrible job” for workers at Carrier, moments after Jones had criticized the president-elect on CNN.
According to Chuck Jones, Donald Trump had wrongly claimed 1,100 jobs in Indiana were saved.
Earlier in the week Donald Trump attacked Boeing, hours after its boss criticized his trade policy, but he denied a link.
Shortly after Donald Trump’s tweet attacking Chuck Jones on December 7, the union leader started receiving phone calls threatening his children, he said.
Image source CNN
Chuck Jones said: “Nothing that says they’re gonna kill me, but, you know, you better keep your eye on your kids.”
Keeping jobs from migrating to lower-wage countries was a central plank of Donald Trump’s successful election campaign.
He claimed a victory last week when he struck a deal with Carrier’s parent company, granting them $7 million in tax cuts and incentives over 10 years.
In the CNN interview that preceded the enraged tweet by the president-elect, Chuck Jones disputed Donald Trump’s claim on the job figures because 550 jobs were still going overseas.
Using stronger language when speaking to the Washington Post earlier this week, Chuck Jones said Donald Trump had “lied his ass off”.
On December 8, Chuck Jones admitted his choice of words was unwise but he stood by his accusation.
“Trump didn’t tell the truth and I called him out,” he said, saying Donald Trump “overreacted”.
Chuck Jones said that while the union was grateful to have 730 of its members keeping their jobs, Donald Trump had raised false hopes for hundreds of others when he wrongly claimed 1,100 jobs were not moving abroad.
Donald Trump’s tweet sparked a back and forth on Twitter with the union, which sprang to Chuck Jones’s defense by saying he worked tirelessly to save “all jobs”.
The president-elect responded by tweeting that the union was to blame for jobs going abroad and it should reduce its dues.
The union fired back by saying its dues helped the union save jobs, adding the hashtag #imwithchuck.
The spat is the second time this week that Donald Trump has attacked an organization that has criticized him.
On December 6, he threatened to cancel a huge government contract with Boeing after the chief executive made pro-trade remarks that were reported in the Chicago Tribune.
Donald Trump said he had not seen the article in question.
According to Labor Department latest figures, the US economy added 321,000 jobs in November, while the unemployment rate stayed at 5.8%.
The number of jobs created was well above analysts’ forecasts of about 225,000 new jobs in the month.
US employers have added at least 200,000 jobs for 10 months in a row, the longest period of jobs growth since 1995.
The number of jobs created has averaged 241,000 a month this year.
The Labor Department added that 44,000 more jobs were created in September and October combined than the government had previously estimated.
Stronger job creation has yet to lead to a significant increase in salaries.
Analysts said the US economy would continue to improve, despite lower global growth expectations.
They added that companies hiring temporary workers for the winter holidays could be providing a boost to the overall jobs figure.
The US economy is less dependent on exports than Germany, China and Japan, but is more reliant on domestic consumer spending.
Delivery firms have announced ambitious recruitment plans. UPS has said it expects to add up to 95,000 seasonal workers, up from 85,000 last year. FedEx plans to hire 50,000, up from 40,000.
The National Retail Federation estimates that seasonal retail hiring could grow by about 4% to as much as 800,000.
Most recent figures suggest Americans are buying more cars, which is likely to keep factories busy in coming months. Auto sales last month rose to their second-fastest pace this year. Car sales are on track to rise 6% this year from 2013.
The economy is expected to slow in the final three months of the year to an annualized growth rate of 2.5%, down from 4.3% from April to September.
Meanwhile, the US trade deficit fell slightly in October, as exports rebounded, while oil imports dipped to the lowest level in five years.
The deficit edged down 0.4% to $43.4 billion, as against a revised $43.6 billion in September, the Commerce Department reported.
Exports climbed 1.2% to $197.5 billion, recovering after a September dip.
Imports also rose by 0.9% to $241 billion, but that increase was tempered by a 0.6% fall in imports of petroleum, which dropped to the lowest level since November 2009.
The US unemployment rate has fallen to 5.8% after the economy added 214,000 jobs in October 2014, official Labor Department figures show.
The number of jobs created is slightly below forecasts of about 230,000 new posts, but still indicates a healthy US jobs market.
The figures are a significant gauge of the health of the economy.
US employers have added at least 200,000 jobs for nine months in a row, the longest growth period since 1995.
Jobs figures for August and September were also revised higher.
The US unemployment rate has fallen to 5.8 percent in October 2014
The burst of hiring lowered the unemployment rate to 5.8% from 5.9%. That is the lowest rate since July 2008.
Shares in New York were down shortly after the start of trading. The Dow Jones was 0.28% lower at 17505.28.
The number of unemployed in the US has dropped to 8.995 million, below nine million for the first time in six years.
The work force participation rate, which counts those with jobs and those actively seeking jobs, was barely changed in October at 62.8%.
The financial crisis of 2008 has dented that rate, with some people simply giving up the search for work.
Although economic growth has picked up this year and job opportunities with it, this week’s mid-term elections revealed employment was voters’ top worry, suggesting many Americans have not yet felt any improvement.
The US unemployment rate fell from 6.1% in August 2014 to 5.9% in September 2014, official figures have shown.
The rate is the lowest recorded since July 2008.
US Labor Department also said that employers added 248,000 jobs last month, and the job growth figures for August and July were revised upwards.
The jobs figures are seen as a significant gauge of the health of the economy and there has been much debate over when US interest rates will rise.
The US Federal Reserve has kept interest rates close to zero since the financial crisis in 2008.
US markets cheered the news, with the Dow Jones Industrial Average rising over 100 points.
The US dollar was pushed higher as expectations rose that interest rates would go up sooner than previously predicted.
The US unemployment rate in September 2014 is the lowest recorded since July 2008 (photo AP)
“The most important item in this report is the drop in the unemployment rate below 6%. [Fed Chair Janet] Yellen has said there is only so much slack if the unemployment rate falls below 6%,” said Christopher Low, chief economist at FTN Financial in New York.
The Fed’s stimulus program, known as “quantitative easing”, is due to end this month. Its aim was to keep long-term interest rates low using the purchase of bonds, and thus to boost spending.
The Federal Reserve has indicated it will raise short term interest rates if the economy continues to grow. Janet Yellen has given no firm date for the rise, but the Fed has said the move will come a “considerable time” after the stimulus program ends.
The Labor Department said 69,000 more jobs were created in July and August than previously estimated. It also said nearly 100,000 jobseekers stopped looking for work in September.
The largest rise in employment was in professional and business services, including management and legal services, which saw an increase of 81,000 jobs in September.
The retail sector added 35,000 jobs compared with the previous month. Employment in the health care, construction and leisure and hospitality sectors also continued to increase.
According to the latest figures from the Bureau of Labor Statistics, the US economy added 142,000 jobs in August 2014, less than the lowest estimate.
The unemployment rate dipped to 6.1% from 6.2% in July 2014.
The world’s largest economy had been averaging a monthly jobs gain of 212,000 in the previous 12 months.
Part of the sluggish jobs growth was attributed to a loss of 17,000 food and beverage jobs as a result of a supermarket store strike.
Thousands of employees of the Market Basket chain of supermarkets in the northeastern US had gone on strike in July to protest the firing of their boss. The dispute was resolved late last week.
US markets did not react strongly to the news, with all three indexes dipping just slightly lower in early morning trading in New York.
The US economy added 142,000 jobs in August 2014, less than the lowest estimate
There were some bright spots in the August jobs report: wage growth, a crucial sign of the strength of the US economy, ticked up slightly.
Average hourly earnings are now growing at 2.1% year over year. US Federal Reserve chair Janet Yellen has previously indicated that wages are a crucial factor in the Fed’s analysis of the state of the health of the US jobs market.
Employment in the car industry also dipped less than expected, as fewer workers were laid off for factory retooling.
Jobs growth in the professional and business services also continued to lead the recovery, with an additional 47,000 jobs adding in August, bringing the yearly total to 639,000.
Most analysts believe that the sluggish August figure will give central bankers pause for thought as they consider when to end the Fed’s extraordinary support of the US economy.
The Fed is scheduled to meet on September 16-17.
Many have wondered whether or not so-called “hawks”, who favor increasing interest rates, would be able to persuade other members of the committee to move forward the bank’s plans to raise interest rates from their historically low levels of 0%.
The US economy added 209,000 jobs in July bringing the unemployment rate to 6.2%, latest data from the Bureau of Labor Statistics has shown.
The biggest job gains were in professional business services and manufacturing jobs.
On Wednesday, the Commerce Department said the US economy grew by a better-than-expected 4% during the April-to-June period.
In an encouraging sign, the number of people in the US labor market increased slightly, meaning that workers who may have given up looking for a job have now begun to re-enter the jobs market.
The May and June jobs data were also revised upwards to show that the US economy added 15,000 more jobs.
Some economists had been expecting even larger figures, and US stock markets were down on the less-than-expected gains.
The US economy added 209,000 jobs in July bringing the unemployment rate to 6.2 percent
The Dow dropped nearly 80 points, following steep losses the day before.
Nonetheless, most analysts agreed that there was nothing obviously negative about the report.
July is often one of the weaker months for jobs growth, which is one possible reason for the uptick in the unemployment rate.
However, the figures are encouraging, as the US economy needs to add at least 150,000 jobs each month simply to keep up with population growth.
This is the sixth straight month that the US economy has added more than 200,000 jobs.
Yet there are still reasons to be concerned: wage growth remains flat and the number of long-term unemployed – those out of work for longer than six months – was essentially unchanged at 3.2 million, or a third of those looking for work.
US Federal Reserve chair Janet Yellen recently highlighted that while the employment data is certain better than in the aftermath of the 2008-2009 recession, challenges remain.
According to latest figures from the Bureau of Labor Statistics, the US economy added 288,000 jobs in June 2014.
The unemployment rate dropped to 6.1%, its lowest level since September 2008.
That figure beat analysts’ expectations and is an encouraging sign after disappointing growth in the first quarter of 2014.
The strong report sent the Dow Jones Industrial Average above 17,000 for the first time as investors cheered the news.
The US economy added 288,000 jobs in June 2014
Economists blamed harsh winter weather for a 2.9% annualized decline in US economic output from January to March.
Jobs growth in professional and business services was particularly strong, with 67,000 jobs being created, followed by gains in the retail sector, which added 40,000 jobs.
Hourly wages – which is a measure watched closely by policy makers and has been recently highlight by Federal Reserve chair Janet Yellen – rose 0.2% in June and have climbed 2.0% for the year.
“There really isn’t anything to be disappointed with,” wrote Jefferies bank economists in a note to clients, noting that manufacturing jobs growth was particularly strong.
“There was a 0.2% dip in the unemployment rate based on “good reasons” and household employment was up strongly,” they added.
One “good reason” was that unlike in past reports, where the unemployment rate has dipped primarily because many Americans had given up looking for work, the June decline seems to be mostly due to actual jobs growth.
The labor force participation rate remained steady at 62.8%, indicating that decline was not due to discouraged workers.
However, long-term unemployment remains an ongoing concern.
The number of US job-seekers who have been out of work for over 27 weeks decreased by 293,000 in June, to 3.1 million people – around a third of those who are out of work.
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