undergroundnewsroom.com March 20, 2018

August Jobs Report Misses Estimates, Market Reaction Muted

02 September 2017, 01:15 | Gordon Grant

After hours

After hours

The ranks of the unemployed rose by 151,000 to 7.13 million, while the employment level fell 74,000 to 153.4 million. The unemployment rate for Asians was also higher, though for positive reasons: More people began actively seeking work and were counted as unemployed if they didn't immediately find a job. After-all, it has been a decade since the job market was last at full-employment, and numerous Millennials that joined the workforce during this time don't know how to ask for a raise.

The unemployment rate, which is calculated from a different survey of households, ticked up to 4.4 per cent from a 16-year low of 4.3 per cent in July.

The labor force participation rate held steady in August at 62.9%, while the underemployment rate, which tracks folks out of work and those who would like full-time work but are working part-time, also held steady at 8.6%.

"Job gains occurred in manufacturing, construction, professional and technical services, health care, and mining", the monthly jobs report noted.

State Department Shuts Down Three Russian Diplomatic Facilities
The department said this was payback for Russia's "unwarranted and detrimental" decision to slash 755 of its US diplomatic jobs. Russia had said it was retaliating for new USA sanctions and the seizure of two Russian compounds in the United States.

U.S. miner Freeport to divest majority stake in Indonesia operation
Petroleum & Resources Corp decreased Marathon Oil Corp (NYSE:MRO) stake by 138,800 shares to 603,900 valued at $10.45M in 2016Q4. Analysts have placed a $14.92 price target on Freeport-McMoRan Inc., suggesting a -3.93% decline from recent close .

Ajay Devgn did not STORM out of TKSS sets in anger
But now, Emraan says that he is only focusing on good stories and he did not want to do films just for the sake of doing it. Helmed by Milan Luthria , " Baadshaho " stars Ajay Devgn , Emraan Hashmi , Ileana D'Cruz and Esha Gupta in pivotal roles.

Payroll employment rose a smaller-than-expected 156k in August with 41k worth of downward revisions to June and July gains combined. August was the 83rd straight month of job gains.

Underscoring labor market strength, manufacturing payrolls surged by 36,000 jobs.

Gus Faucher, chief economist at PNC Financial, predicts that job growth in the coming months "will weaken substantially" in the wake of Harvey, only to rebound quickly as workers who were temporarily laid off are rehired. Retailers hired just 800 workers. Wages increased by 3 cents to an average of $26.39 an hour, the government said Friday.

Brady said he was pleased the economy grew by 3 percent of GDP in the second quarter of 2017, and that his committee's efforts to cut taxes could boost American hiring. Over the past year, average hourly earnings have risen by 65 cents, or 2.5%. The rate is still down half a point from a year ago and twice that when including sources of "hidden unemployment" like discouraged workers. Specifically, policymakers have been looking for signs of accelerated wage growth, which has been stuck around 2.5 percent for most of the year.

Other News

Trending Now

Gasoline jumps 4 pct, oil mixed as storm hits more refineries
In the refined product market, United States gasoline prices increased by 3% at $1.8380 per gallon, the most since 31 July 2015. Still, effects of the damages and shutdowns are expected to ripple for weeks.

Victoria's Secret Fashion Show Latest News, Photos, and Videos
While they had taken part a year ago , Kendall Jenner and Gigi Hadid were not there. Last year's musical lineup included Lady Gaga , Bruno Mars and The Weeknd .

Nigeria focused for Cameroon tie - Rohr
The head-to-head record between the two countries shows that Cameroon denied Nigeria from playing at the 1990 World Cup in Italy as well as three AFCON titles.

Brexit-wary Japan executives to talk with United Kingdom trade chief
Mr Abe will be seeking assurances from Theresa May that Brexit will not be detrimental to Japanese businesses with bases in the UK.

Apple Will Reportedly Reveal New iPhone on September 12
According to WSJ , the company is also expanding production of the anniversary iPhone in anticipation of release later this year. It's the showcase for the next year in their mobile strategy, which usually involves two new devices to hopefully wow the crowd.

Why Is Houston So Prone to Major Flooding?
All night, as water lapped into their homes, people had been calling for help, they said, but no-one came. Harvey was downgraded from a hurricane to tropical storm by the NHC late on Saturday.

FDA OKs 1st Gene Therapy for Use in US
However, this type of therapy is not without risk of severe side effects as the immune system goes into high gear. The drug Kymriah was developed by Novartis Pharmaceuticals and the University of Pennsylvania .

India, China agree to 'expeditious disengagement' of troops in Doka La
India deployed troops to stop the construction project, prompting Beijing to accuse it of trespassing on Chinese soil. The dispute began in mid-June when China began building a road in the area where China, India and Bhutan meet.

United States leaders to Trump: Don't kill DREAMer protection program
On Twitter, other people chimed in and said that Trump was promoting racism by ending DACA and wanted to break apart families. We believe it is a moral imperative that the administration and the country know we are with them.

Corbyn ally rules out Scottish Labour leadership bid
Scottish Labour is beginning the hunt for its fourth leader in less than three years, after Dugdale's shock resignation. Her odds with Ladbrokes now stand at 16/1, making her the betting company's fourth favourite to succeed Kezia Dugdale.