“The U.S. jobless rate dropped to 3.7 percent in September — the lowest since 1969, though the economy added a lower-than-expected 134,000 jobs, the Bureau of Labor Statistics said,” Avie Schneider reports for NPR. “The jobless rate fell from August’s 3.9 percent.”
“BLS noted that Hurricane Florence affected parts of the East Coast during the period that the government’s employment surveys were conducted. The leisure and hospitality sector saw a drop of 17,000 jobs last month and BLS said that the storm may have been a factor. In August, that sector saw an increase of 21,000 jobs,” Schneider reports. “In September, professional and business services grew by 54,000, transportation and warehousing jobs by nearly 24,000, construction by 23,000, manufacturing by 18,000 and health care by nearly 30,000. But retailers cut 20,000 jobs.”
MacDailyNews Take: The Amazon effect.
“The report reinforced the view of Federal Reserve policymakers, who cited a strong job market when they announced they were increasing a benchmark interest rate — the third hike in a year,” Schneider reports. “The labor market, the Fed said, ‘has continued to strengthen and … economic activity has been rising at a strong rate. Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low.’ The Fed is forecasting the economy will grow 3.1 percent this year — that’s up from the 2.8 percent it projected in June.”
“Average earnings rose 8 cents, to $27.24 per hour last month,” Schneider reports, “with average hourly earnings up 2.8 percent from a year earlier, compared with a 2.9 percent increase in August.”
Read more in the full article here.
MacDailyNews Take: Good news for the economy and, especially, more disposable income in people’s pockets is great news for Apple! This is shaping up to be The Mother of All Holiday Shopping Seasons for The Cupertino Colossus!