The Employment Indicators Concerned By Yellen Will Be Greatly Improved
Officials, including Federal Reserve Chairman Yellen, have been lacking in the recovery of the job market, making some Americans unable to find jobs. The October non-agricultural report sent a very good signal that the citizenship of Americans has been improved.
As the idle employment continues to decrease, the salary increase in October may continue. All of these are very critical evidence for Fed officials who want to raise interest rates next month.
The U-3 unemployment rate, the first concern of economists, fell to 5%, the lowest level since April 2008.
At the same time, including all unemployed people, passive unemployed labor force and Weak economy The broad employment index, the so-called U-6, including the labor force engaged in part-time work, declined by 0.2% to 9.8%, the first time it has fallen below 10% since May 2008.
The gap between these two indicators has now narrowed to the lowest level in more than seven years, which indicates that the idle labor market is rapidly reducing as the positive effects of economic recovery gradually spread. With the narrowing of these two indicators, "compared with two or three years ago, the overall unemployment rate can better reflect the weak labor market," Michael, CEO of Marketfield Asset Management in New York Shaoul pointed out.
Last month, after a significant decline in September the labor The scale climbed to 313000, the labor force participation rate remained stable at 62.4%, and the employment market improved significantly.
From October Unemployment The number of people transferred to exit the labor market decreased by 137000, the largest decline since January, while the number of people re entering the labor market increased by 29000. Both figures show that people are more confident about the employment prospects.
Yellen has clearly pointed out that the number of part-time workers who want to work full-time remains high, indicating that the labor market is still weak. In October, the data shrank again, the largest monthly decline since 1994.
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