Wednesday, September 30, 2020

US unemployment stable at 3.7 pct. in October with 250,000 new jobs

Washington, Nov 2 (EFE).- The US unemployment rate remained unchanged at 3.7 percent in October with numbers not seen since 1969, in a month when 250,000 new jobs were created, the government reported Friday.

The US economy thus continues with numbers close to full employment, while the creation of 250,000 new nonfarm payroll jobs surpassed analysts’ forecasts of 208,000.

One of the report’s main points of interest is the rise in pay, with an average increase of 0.2 percent in October for an average wage of $27.30 per hour.

Over the year, average hourly wages have increased by 3.1 percent and are estimated to continue to rise, driven by the strong job market, and surpass a year-on-year job growth of 3 percent for the first time since 2009.

For its part, the labor force participation rate – out of a total of those employed and those seeking employment – increased from 62.7 percent in September to 62.9 percent in October.

This has been the 97th straight month in which employment has increased, the longest labor market boom on record.