Report | United States Employment Update - October 2015
September’s jobs figures were below expectations, with only 142,000 jobs added and August downwardly revised to 136,000. Although some of this may be attributed to seasonality, strong external fundamentals such as consumer confidence, spending and private investment as well as labor metrics highlighting improved employee confidence and an increasing number of job openings signal that slower figures may be the result of an impending talent crunch. Faster rates of wage growth are occurring in a time of low inflation due to fluctuating energy prices muting the overall consumer price index. As a result, wage growth will have a greater impact than it otherwise would, with retail spending providing a boost to the economy. Unemployment for both the country as a whole and college graduates remained flat at 5.1 and 2.5 percent, respectively. Total unemployment fell sharply by 30 basis points to 10.0 percent and will almost certainly reach the single digits at some point later this year.
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