The US NFP report that reflects the state of the labor market has been issued. It showed that in October there had been fewer new jobs than previously forecasted. However, the statistics for September were revised and it could be safely concluded that natural disasters had an influence on the US economy.
It can be stated with certainty that the effect caused by the hurricanes Irma and Harvey was longer, but less powerful than predicted by analysts.
The most unexpected were the figures on the unemployment-it fell to 4.1% (0.1% less than September figures). The Ministry of Labor has not seen such an indicator for the last 17 years, since December, 2000. Also, it became known that the labor market had got 261 thousand new vacancies (in spite of the projected 315 thousand). Let’s remind the September figures: the increase in new vacancies was 18 thousand, while the forecast predicted the reduction by 33 thousand. Thus, for the second consecutive month, the outlook has been much more pessimistic than the reality.
The growth indicators of the average hourly wage also please the society. So, in comparison with the indicators of a month ago, the salary of the American has grown by an average of 2.4% (in terms of a year). In absolute terms, the increase totaled $ 26.53 per year. The workweek of the average American is 34.4 hours; the figure has not changed compared to the data for the previous month.
Over the past month, the state apparatus increased by 9 thousand people, 24 thousand workers joined the sphere of the production, 8 thousand people becаme part of the construction field.
The catering sector recruited record 89 thousand workers (this is explained by the last month serious decline due to the hurricanes – by 98 thousand).
The positive data published in the report will definitely cause the strengthening of the national currency; the trend is likely to remain for a while.
The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade