US economy, excluding the agriculture sector, created 161,000 new jobs in October, which was below the economists expectations. The unemployment rate returns to 4.9%, after in September the level increased to 5.0%. A broader measure of unemployment, which includes Americans stopped looking for work and who work with lower hours, decreased to 9.5%, which was the lowest level since April 2008.
The wage growth accelerated from 0.3% in September to 0.4% in October, which was the sharpest increase since July. On an annual basis the wage growth also has accelerated from 2.6% to 2.8%, which in turn is the sharpest jump since June 2009. The growth surpassed the market expectations, as economists were at value remain unchanged. The dynamics in wages is closely monitored by the US Federal Reserve, and the acceleration can talk about inflationary pressures.
Most new jobs are in the service sector, where were created 43,000, including 8,000 in the design of computer systems. The health sector contributes by 31,000 new jobs, while in financial sector new jobs increased by 14,000.
The report of Ministry of Labor, showed that the data for September were revised upwards – from the originally reported 156,000 to 191,000 new jobs. So in practice there is a delay from September to October. The figures for August were also revised upwards – from 167,000 to 176,000 new jobs.
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