U.S. Labour Department reports surge in jobs growth for October

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The U.S. Bureau of Labor Statistics released the October jobs data today. Total nonfarm payroll employment increased by 271,000 in October, and the unemployment rate remained unchanged at 5.0 per cent. Job gains mostly occurred in professional and business services, health care, retail trade
    and construction.

    Both the unemployment rate (5.0 percent) and the number of unemployed persons (7.9 million) were essentially unchanged in October.

    The private sector added 268,000 jobs while employment in government increased by 3,000. The October labor force participation rate remained unchanged at 62.4 percent.

    Construction payrolls increased 31,000 last month, marking the biggest gain since February. The services sector also added 241,000 jobs last month, with large gains in retail, health and leisure. Government payrolls increased 3,000 last month. Manufacturing, however added no jobs and mining shed 4,000 positions.

    Average hourly earnings increased 0.4%, from the prior month and 2.5% over the past year.

    A broad measure of joblessness that includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment fell to 9.8 per cent, the lowest level since May 2008. The labour force participation rate held at a near 38-year low of 62.4 per cent.

    Over the past 12 months, the unemployment rate and the number of unemployed persons were down by 0.7 per cent and 1.1 million, respectively.

    The unemployment rate hit a 7-1/2-year low laying a strong ground for the Federal Reserve will hike interest rates in December.
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