In the USA, recorded a minimum level of unemployment for 50 years

BACK TO WORK: Unemployment Drops to 3.7%, Lowest Since DECEMBER 1969

As previously reported, in the European Union unemployment reached the lowest level since April 2008 - while remaining steady at 6.8 percent for the fourth month in a row. The unemployment rate for college grads fell by just 0.1 percentage points. The unemployment rate had been expected to edge down to 3.8 percent.

Not all of the news in the household survey was positive.

Friday's job report confirmed a strengthening job market. While the employment rate (EPOP) for prime-age women (ages 25 to 54) edged up slightly to 72.9 percent, tying its recovery high hit in July, the EPOP for prime-age men dropped 0.1 percentage points to 85.9 percent, 0.5 percentage points below the peak reached in February. The duration measures of unemployment also all showed increases in the month, with average duration increasing by 1.4 weeks to 24.0 weeks, the longest period since March.

Now let's look at the numbers on an average hourly rate in raw dollars now compared with prior years.

Last month's job gains would probably have been stronger absent the effects of Hurricane Florence, which impacted especially retail and the leisure and hospitality sectors.

The comparable statistics for Canada have been: +1.2% for total; +1.2% for services; -1.4% for manufacturing; and +2.4% for construction. Coal mining, however, lost 300 jobs.

As for US sectors where jobs prospects dimmed, "retail" (-20,000) had the worst record in September, followed by "leisure and hospitality" (-17,000).

The movie industry lost 300 jobs in September. Construction workers fared a bit better at +2.8% hourly and +3.6% weekly.

It's easy to get excited about unemployment and the economy when you hear that unemployment is at the lowest level since 1969, the economy is booming and wages are growing.

According to CNBC, the nation's job market roared to life last month as the unemployment rate for American workers plummeted to levels not seen in roughly 50 years.

The average hourly wage in the United States last month increased by 0.3% compared to August and by 2.8% in annual terms, both indicators have coincided with market expectations.

By industry, the strongest wage growth is in the low-paying restaurant sector, which has seen a 4.3 percent increase in the average hourly wage for production and nonsupervisory workers over the past year.

The last time the USA jobless rate was so low preceded more than a decade of economic pain tied to rising price pressures and efforts to rein them in.

Investors are also watching the wage-growth number closely amid a sell-off in the bond market this week.

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