USA weekly jobless claims drop to near 49-year low

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US job growth slowed sharply in September likely as Hurricane Florence depressed restaurant and retail payrolls, but the unemployment rate fell to near a 49-year low of 3.7 percent, pointing to a further tightening in labor market conditions. "There will be displacements, and distortions".

In reporting September's employment figures, the government revised sharply upward its estimate of hiring for July and August.

Hurricane Florence, the storm that made landfall along the mid-Atlantic US coast on September 14, caused widespread disruption for homes and employers but it was not possible to determine the extent to which this might have depressed the September jobs numbers, officials said. It further states that such people are "less likely to have formal work arrangements, and are therefore more likely to lack decent working conditions, adequate social security and "voice" through effective representation by trade unions and similar organizations".

"I'd expect a solid rebound in the next month", as other data indicate "it's a very strong labor market". The data beat expectations as economists forecasted a drop to 3.8%. That means the jobs report data may not give an accurate picture of the health of the labor market for some time.

"That said, 134,000 job is far from a awful employment number and with August's being revised up by another 69,000, the labour market looks extremely healthy and provides further evidence of a booming economy". That's consistent with other reports showing strength in such activity. Almost 300,000 workers told the BLS that bad weather kept them away from their jobs, most likely in industries like hospitality in which they're paid only if they show up. That compares with 23,000 in August, though the September 2017 count of 1.47 million - following hurricanes Harvey and Irma - was the highest since 1996.

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U.S. construction companies hired 23,000 more workers last month after increasing payrolls by 26,000 jobs in August. "The standard measures just don't reflect those increases well, if at all". The annual advance of 2.8 per cent followed a 2.9 per cent gain in August. In August, U.S. workers saw a 2.9% wage increase from a year earlier, marking the fastest pace of growth since the recession in 2009. Economists had penciled in some cooling in the year-over-year results, as a strong number for September 2017 wages presented a hard comparison.

The average workweek was unchanged at 34.5 hours, today's figures show. It also predicted that the unemployment rate in India will continue to stay at 3.5% in 2018.

The U.S. unemployment rate is at a historic low. That gauge includes part-time workers who'd prefer a full-time position and people who want a job but aren't actively looking.

Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 207,000 for the week ended September 29, the Labor Department said on Thursday. Inadequate earnings, low productivity and hard conditions of work which undermines the workers' fundamental rights often act as indicators of vulnerable employment which self-employment and those working at family-run establishments are at risk of falling under the category.

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