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Report of the US Ministry of Labor: the worst statistics for 16 years

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Report of the US Ministry of Labor:  the worst statistics for 16 years
October 09
09:00 2017

Last Friday, the U.S. Department of Labor published a report on the state of the labor market in the United States. This report is very important, because it is the best indicator of the state of the national economy. The figures showed that for the first time in the last 7 years the number of vacancies had decreased. The exact figure is also named – the number of vacancies in the labor market has decreased by 33 thousand compared to the previous month. We recall that experts expected some revival of the labor market; the analysts predicted an increase in the number of vacant seats by 75 thousand. Destructive hurricanes, which caused irreparable damage to the US economy, became the reason for such weak statistics.

The statistics on the number of the unemployed became known. Thus, according to the Ministry of Labor, the unemployment rate has reached a historic high for the last 16 years and amounted to 4.2%.

Official Washington reports that about one and a half million Americans were unable to work in normal mode due to natural disasters that had hit the country. Because of this there is a huge decline in the sphere of hospitality – 105 thousand people are out of work compared to the last month.

The average hourly rate of the American has risen by half a percentage relative to the previous month. This is better than last month (then the average hourly rate rose by only 0.2%). At the moment, Americans get on average $ 26.55 per hour for their work.
US citizens on average work about 34 hours per week (which probably dispels the myth regarding the 24-hour employment of the adult population of the United States).

It is interesting that despite the depressing decline of the private sector (the number of employees in it has dropped by 40 thousand people), the number of officials has increased by 7 thousand.

Representatives of the Ministry of Labor say that for a few months hurricanes will continue to affect both the national economy in general, and the labor market in particular.

The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade

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