US Jobs Report: Mining Remains Steady

Posted October 07, 2017

Event- On a seasonally adjusted basis, total nonfarm employment declined by 33,000, and the unemployment rate declined to 4.2% in September, according to the US Bureau of Labor Statistics (BLS) in its monthly jobs report.

The economy has added an average of 172,000 jobs a month over the past year, but that has dropped to a 91,000 average over the past three months.

Despite the unexpected drop in employment, the unemployment rate dipped to 4.2 percent in September from 4.4 percent in August.

However, the weak September jobs figure is just a temporary blip on the general healthy economic outlook, and is not expected to have any lingering impact. One tidbit of information was that work no-shows - again, directly related to the hurricanes - reached the highest totals in 20 years. From a recent employment trough in November 2016 through August of this year, the industry had added an average of 14,000 jobs per month.

Jed Kolko, chief economist at Indeed.com, a job-search site, noted that September's employment declines were concentrated in low-wage industries.

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The monthly data is based on a survey of households.

The unemployment rate fell because it is calculated with a separate survey of households. In the establishment survey, employees who are not paid for the pay period that includes the 12th of the month are not counted as employed.

Also the number of working age Americans not participating in the labor force shrank by 368,000 to 94.42 million. That's true even if those employees return to work after the storm passes.

The dollar gained ground as the earnings component dominated with EUR/USD at fresh 5-week lows below 1.1680 while USD/JPY broke above the 113.20 level.

"We weren't able to do our normal hiring spree that we usually do going into the fall", Harmon said.

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The labor force participation rate rose in September to 63.1% from 62.9% in August.

Workers' wages jumped last month, another figure that may have been affected by the storms.

On the back of Friday's jobs report, the yield on the benchmark 10-year US Treasury note was higher by four basis points to 2.38% as of 1416 BST. That suggests that pay could be picking up, even excluding the storms, and encouraging more people to look for work. That's equal to about 7.7 percent of the nation's workforce.

The national estimates do not incorporate employment data from Puerto Rico or the U.S. Virgin Islands.

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