US job growth slowed by more than expected and the unemployment rate rose to an almost two-year high of 3.9 per cent, indicating that employers’ strong demand for workers is beginning to cool.
Nonfarm payrolls increased by 150,000 in October following downwards revisions to the prior two months, a Bureau of Labour Statistics report showed on Friday. Monthly wage growth slowed.
The latest figures suggest some cracks are beginning to form in a jobs market that has been gradually normalising, thanks to an improvement in labour supply over the past year and a tempering in the pace of hiring.
The rise in the unemployment rate points to a pickup in layoffs – a development employers had so far broadly avoided. The survey of households showed a more than 200,000 increase in those who lost their job or completed a temporary one.
The S&P 500 opened higher, Treasuries rallied and the dollar weakened, as investors judged it more likely the Federal Reserve is finished with its run of interest rate rises.
Traders marked down chances of a rate increase in the coming months and predicted an earlier cut next year.
Health care and social assistance, as well as government, drove the payrolls gain.
Other categories, however, showed tepid growth or outright declines. Manufacturing payrolls fell by 35,000 in October, largely a reflection of the United Auto Workers union strike.
The hit will prove temporary though, given union members have since struck tentative deals with the nation’s largest car makers.
Looking ahead, sustained setbacks in the labour market – the bedrock of consumer spending and the broader economy – risk raising concerns about the nation’s ability to weather high interest rates without falling into recession.
“Today’s jobs report is consistent with both a mild loosening of the labour market on the way to a soft landing, and potentially the beginning of a more troubling downturn,” Nick Bunker, head of economic research at Indeed Hiring Lab, said in a note.
The figures come on the heels of the Fed’s decision to hold off on raising interest rates for a second consecutive meeting.
Chairman Jerome Powell hinted the central bank may be finished with rate increases, a decision that would be reinforced in the months ahead by a further easing in labour demand.
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Malin Cilic (CRO) v Benoit Paire (FRA) [8]
Not before 4pm:
Dan Evans (GBR) v Fabio Fogini (ITA) [4]
Not before 7pm:
Pablo Carreno Busta (SPA) v Stefanos Tsitsipas (GRE) [2]
Roberto Bautista Agut (SPA) [5] v Jan-Lennard Struff (GER)
Court One
Starting at 2pm
Prajnesh Gunneswaran (IND) v Dennis Novak (AUT)
Joao Sousa (POR) v Filip Krajinovic (SRB)
Not before 5pm:
Rajeev Ram (USA) and Joe Salisbury (GBR) [1] v Marin Cilic v Novak Djokovic (SRB)
Nikoloz Basilashvili v Ricardas Berankis (LTU)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
In numbers
- Number of children under five will fall from 681 million in 2017 to 401m in 2100
- Over-80s will rise from 141m in 2017 to 866m in 2100
- Nigeria will become the world’s second most populous country with 791m by 2100, behind India
- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100
- an average of 2.1 children per woman is required to sustain population growth
Bio
Born in Dubai in 1994
Her father is a retired Emirati police officer and her mother is originally from Kuwait
She Graduated from the American University of Sharjah in 2015 and is currently working on her Masters in Communication from the University of Sharjah.
Her favourite film is Pacific Rim, directed by Guillermo del Toro
'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
