Anderson Economic Group Work

October: Cristina Benton’s monthly commentary on the employment report

In the latest employment report, the unemployment rate remained at 3.7%, and has remained below 4 percent since June.

The Asian and Latino unemployment rate declined by .3% and .1% respectively, while White unemployment remained the same. Meanwhile, Black or African American unemployment increased by .2%. Average hourly earnings of private employees inched up by 5 cents, an increase of .18% from the previous month.

Concerns on tariffs, and the possibly of a recession in the near future are not stopping people from hiring new workers; total nonfarm employment increased by 250,000 jobs, most notably in health care, hospitality, and professional and business services.

Looking forward, it is difficult to determine what employers will do following trade talks with China, and the upcoming midterm election. Higher Federal Reserve interest rate hikes in the near future are also expected, and this could impact consumer and investor decisions.