Economic Update

by Laura Ehrenberg-Chesler on November 3, 2017

in Economic Indicators,Employment,inflation/deflation

We received economic data this morning including employment and wage growth numbers. These are interesting and important for gauging the progress of the economy. Here is a summary from Business Insider:

“The US economy added 261,000 nonfarm payrolls in October, rebounding after a steep decline in September that was caused by the hurricanes.
The median forecast among economists was for a payrolls increase of 313,000 after an initially reported drop by 33,000 in September.
Restaurants and bars made up much of the rebound in jobs, offsetting the decline in September that reflected disruptions from Hurricanes Irma and Harvey.
State-level data for September showed that Florida’s jobs market was impacted the most by hurricanes, as payrolls declined 127,000. It’s not certain that all those jobs were regained by the reference week for the October jobs report, which included the 12th day of the month.
The unemployment rate fell to 4.1%. The Bureau of Labor Statistics said last month that the hurricanes had “no discernible effect” on this rate when it fell to 4.2%, its lowest level since February 2001.
Wage growth jumped last month, but was skewed by the fact that many low-wage employees stayed away from work after the hurricanes.
Average hourly earnings in October were flat (0.2% month-on-month) and rose 2.4% year-on-year (2.7% expected).”

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