Energy News  
TRADE WARS
US unemployment falls to 50-year low of 3.5% in September
By Douglas Gillison
Washington (AFP) Oct 4, 2019

America's jobless rate tumbled in September to its lowest level in 50 years, according to government data released Friday, delighting the White House even though it may not assuage recession fears as President Donald Trump's trade wars persist.

Meanwhile, with a strong dollar and slowing global economy, the US trade deficit widened in August, as the trade conflicts ate into export growth.

Trump immediately cheered the good jobs data, claiming his economic record should shield him from efforts to impeach him, and shortly after said a trade deal with China was possible soon.

But there was less-than-stellar news as well: the pace of job creation was the slowest in four months and wages fell, while the manufacturing workforce also shrank for the second time this year.

Wall Street was reassured by the news, with the benchmark Dow Jones Industrial Average up 0.9 percent toward 1530 GMT.

Unemployment fell two tenths of a point to 3.5 percent, matching the rate last recorded in December 1969, and well below what analysts had forecast, according to the Labor Department.

Employers added a total of 136,000 net new positions, which was below expectations, with notable slowdowns in education, government, finance and business services.

The August job gain was revised up sharply to 168,000, nearly 40,000 more than originally reported.

But signs of the slowdown were unambiguous: at 157,000, the average for the last three months is now well below the 223,000 a month recorded during 2018.

"Breaking News: Unemployment Rate, at 3.5%, drops to a 50 YEAR LOW. Wow America, lets impeach your President (even though he did nothing wrong!)," Trump tweeted.

The hotly-anticipated jobs report also landed amid a raft of worrisome economic data showing Trump's trade wars have put a dent in the business environment and suggesting hiring should slow in the coming months.

Average hourly wages fell by a penny to $28.09 last month, well below economists' expectations, putting an end to a year-long string of steady gains and limiting consumers' spending power in the coming months.

- As good as it gets? -

Despite the slight drop in the month, Trump hailed the increase in wages over the past 12 months.

"Wages are up by almost 3 percent. That's a fantastic increase for everybody out there working. We're very happy about those numbers," Trump told reporters at the White House.

But meanwhile the mining sector added no workers after three straight months of layoffs, and the auto sector shed workers for the fourth month in a row.

"Job growth is set to slow much further," Ian Shepherdson of Pantheon Macroeconomics said in a note to clients.

"This is as good as it's likely to get until the trade war is resolved."

But given the dwindling supply of workers in the US economy, some groups continue to benefit: unemployment among Hispanics fell to its lowest level since records began in 1973.

And for workers without a high school diploma, the jobless rate fell to the lowest since records began in 1992.

The latest data did not reflect the nationwide strike launched last month by General Motors employees, who walked off the job the week after the survey for the September jobs report was conducted.

- Exports slow -

In a separate report also released Friday, the Commerce Department said the yawning US trade deficit rose by nearly $1 billion in August as weakening foreign demand and the churning trade conflict ate into US export growth.

However, Trump said there is a "very good chance" to reach a trade deal with China soon.

"Right now we're in a very important stage in terms of possibly making a deal. If we make it, it will be the biggest trade deal ever made," Trump said.

But the unexpected trade deficit increase could weigh on GDP calculations for the third quarter, with a global economic slowdown expected to weaken US exports while the strong US dollar has fueled imports.

As a result, the US trade balance crept 1.6 percent higher to $54.9 billion for the month, surpassing economists' expectations.

Imports increased 0.5 percent, while exports rose 0.2 percent, rising more slowly than in July.


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
Polish banks brace for lawsuits after EU court ruling
Warsaw (AFP) Oct 3, 2019
Polish banks braced for a slew of lawsuits on Thursday after the EU's top court ruled Poles holding crippling foreign-currency mortgages could renegotiate them, a potentially costly move for both banks and the Polish economy. Estimates of the potential losses for lenders vary, with experts indicating the banks concerned could reach from one to six times of their 2018 earnings. The Luxembourg-based Court of Justice of the European Union ruled on Thursday in favour of Polish mortgage holders, af ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Canada, if Trudeau wins, to hit net zero emissions by 2050: minister

Sixty-six countries vow carbon neutrality by 2050: UN

Italy's Enel to reduce C02 emissions 70% by 2030

Germany planning climate action worth over 100 bn euros

TRADE WARS
How to Harmonise Wildlife and Energy Manufacturing - A Case Study

Air Force scientists discover unique stretchable conductor

Solving the longstanding mystery of how friction leads to static electricity

Paramagnetic spins take electrons for a ride, produce electricity from heat

TRADE WARS
Norway's Equinor, British SSE chosen for world's biggest offshore wind farm

Sparks fly as Germany's climate plan hits rural landscapes

Government vows action as German wind industry flags

Angry residents send German wind industry spinning

TRADE WARS
Prodiel and Power China are to build the 296 MW Potrero Solar Photovoltaic Plant in Jalisco, Mexico

Electrode-fitted microscope points to better designed devices that make fuel from sunlight

Modified quantum dots capture more energy from light and lose less to heat

Azuri opens new Off-grid Solar Centre in Kisumu, Kenya

TRADE WARS
Bill for long-delayed French nuclear plant rises to 12.4 bn euros

Japan power firm executives quit over $3 million gift scandal

GE Hitachi Nuclear Energy announces new reactor technology collaboration in Estonia

France says nuclear plant overruns 'unacceptable'

TRADE WARS
Finding microbial pillars of the bioenergy community

Getting plastics, fuels and chemical feedstocks from CO2

Plant research could benefit wastewater treatment, biofuels and antibiotics

Fe metabolic engineering method produces butanetriol sustainably from biomass

TRADE WARS
Saudi, UAE talk military cooperation after Yemen rebel truce offer

Mystery oil spills blot more than 130 Brazilian beaches

Iran says China's CNPC pulls out of gas project

BP chief executive Dudley stepping down

TRADE WARS
Global climate 'rebellion' sees mass arrests and blocked roads

Hot air? Qatar claims stadium cooling not eco risk

World leaders to present carbon reduction plans at U.N. summit

Is theory on Earth's climate in the last 15 million years wrong?









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.