The labor market of America back to a Oct. The country recovered from the hurricanes and added 261 000 jobs. The unemployment rate fell to 4.1% — the lowest since December 2000. The government has estimated that because of the hurricanes Harvey and Irma had lost an estimated 33,000 jobs. In September, it was provided for 18 000.
In October, the restaurants have added 89 000 jobs. Business services provided 50,000 jobs. In the field of industry employed 24 000 employees, medical companies and 22 000 employees. Recall that since the presidential election last year, the industry has received 156 000 additional jobs. Economists associate this increase with a weak dollar that made exported products more affordable abroad.
However, not all so smoothly. Wages, unlike jobs, does not become greater. In October it grew by only 2.4% compared to the previous year. The main mystery of the economy – the lack of wage growth and inflation.
Besides more than 700,000 Americans left the labor market in October. Economists believe that to enjoy lower unemployment before, after all, the main reason is the reduction in workforce, rather than increasing the number of jobs.
Nevertheless, the overall picture is excellent, despite the fact that after the financial crisis took time to achieve such targets, — economists say.
«These changes — either a marathon or a sprint. And in this case it’s a marathon,» said Robert Frick, chief economist at Navy Federal Credit Union.
According to the materials of CNN Money
