First signs of weakness in US labour market: unemployment up slightly to 3.9%

US jobs

BancaMarch: First signs of weakness in the US labour market, known on Friday. On the one hand, the Non-Farm Employment Creation figure was below 200,000 jobs, and practically half of September’s figure (150,000 against 180,000 expected and against 297,000 of the previous month, revised downwards). In line with the lower job creation, we also saw unemployment rise by one tenth of a point to 3.9%, a rise that came in parallel to the fall in the participation rate -lower labour force- although we recall that there were strikes that may have distorted this figure. In contrast, we mention the average wage per hour worked, which decelerated, although less than expected (+4.1% year-on-year versus +4.0% expected and versus +4.3% previously) with the pressure on prices remaining. All in all, figures that point to a cooling of the labour market.

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