US Employers Add 178K Jobs as Unemployment Sinks to 4.6 Pct

US Employers Add 178K Jobs as Unemployment Sinks to 4.6 Pct
US Employers Add 178K Jobs as Unemployment Sinks to 4.6 Pct

04 December, 2016

The 178,000 gain followed a 142,000 rise in October that was less than previously estimated, a Labor Department report showed Friday.

It's the lowest rate since August 2007.

The economy is generally considered at full employment with the unemployment rate hits 4.7%, Steve Rick, CUNA Mutual Group chief economist, told HousingWire. These data have shown little recent movement. But even with consistent job creation, a historically large share of Americans have opted out of the workforce and wage gains have remained below prerecession levels.

"This should prove temporary, as more reliable wage measures have drifted higher in response to growing worker shortages", said Sal Guatieri, senior economist at BMO Capital Markets.

"It is not that firms aren't trying to hire, they just can not find qualified workers at the wages they want to pay", said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. In October, average per hour payout had increased by 11 cents per hour. The participation rate factors in those who have suffered long-term joblessness, unlike the employment rate. The total number of people unemployed fell by 387,000 to 7.4 million. That helped lower an alternative gauge of unemployment that includes involuntary part-time workers and discouraged would-be workers, to 9.3 percent, the lowest since 2008. The rate averaged 8.3% in the two years before the recession. The rate for prime-age workers, those 25 to 54 years old, slipped to 81.4% from 81.6% in October.

The average duration of unemployment continues to fall; it stands at 26.3 weeks, though that figure remains well above pre-crisis levels.

New four-variant Ford Fiesta strategy could influence other Ford models
It was reported that Ford is considering a 1.0-litre three-cylinder engine for the new Fiesta . The Fiesta offering has been expanded, with new variants in addition to the basic model.

U.S. monetary policymakers have repeatedly signalled that they are likely to increase interest rates at their final meeting of the year December 13-14. The benchmark Fed rate has been stuck near zero since the beginning of the Great Recession, and many have argued that it is time to end the Fed's historically low interest rates policy.

Luke Bartholomew of Aberdeen Asset Management agrees the Fed is on track for a December rate hike.

"Everybody keeps saying that the tighter labor market should lead to rising wages". Most analysts think the Federal Reserve will raise rates at its next meeting. As the labor market nears full employment, job gains have slowed from an average of 229,000 per month in 2015 to an average of 180,000 this year. Over the past 12 months, the sector has added 407,000 jobs, some of which will probably drive demand for former retail space, as new clinics and other care facilities open in smaller, community-oriented locations.

Friday's monthly jobs report showed rays of sunshine and hope.

Manufacturing payrolls dipped by 4,000 jobs in November, declining for a fourth straight month. The rate is calculated from another report, the Current Population Survey of 60,000 households.

The figures provide a snapshot of the steady economy Donald Trump is set to inherit when he takes office next January.

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