Slow Job Growth, Wage Drop Add to Economy Issues - Tire Review Magazine

Slow Job Growth, Wage Drop Add to Economy Issues

Job growth and wages fell in September, raising concerns that the economy is not strong enough for the Federal Reserve to raise interest rates by the end of 2015, according to Reuters.

The Labor Department said on Oct. 2 that jobs outside of farming rose by 142,000 in September, but revised August figures showed only 136,000 jobs were added that month, according to Reuters.

These figures mark the smallest two-month gain in employment in more than a year. Economists polled by Reuters originally expected a job growth of 203,000 in September.

U.S. factories lost 9,000 more jobs in September after losing 18,000 jobs in August, according to the Labor Department’s survey of employers.

The overall unemployment rate is steady at 5.1%, but was expected to be lower.

Average hourly wages fell by a cent to $25.09 in September, and were up only 2.2% from September 2014, which indicates marginal inflationary pressures.

Treasury yields also sunk, the dollar fell and numbers of hours worked fell by 0.2%.

U.S. mining payrolls, which include energy sector jobs, fell by 10,000 in September, marking nine straight months of declines.

 

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