The U.S. economy created 200,000 jobs in the first month of 2018, according to the Bureau of Labor Statistics. The number of unemployed persons was essentially unchanged at 6.7 million.
Many experts expect the jobless rate to fall to below 4 percent this year, and that should benefit more groups of workers with historically high unemployment.
"Could we see wage growth break through the 3 percent barrier?"
That will strengthen the case for the Federal Reserve to raise the benchmark interest rate in March, as it is widely expected to do.
Given Hardman Batchelor's focus on emerging market cities and providing diverse candidate pools as a staple of its executive search work, he said the search firm is feeling this pinch even more.
(Kitco News) - The gold market has fallen into negative territory on the day as the USA labor market showed stronger-than-expected growth last month.
Raises stemming from Republican tax cuts and minimum wage increases in 18 states also likely boosted pay. For now, there are at least tentative signs that the acceleration in wage growth may be for real. The absence of significant wage pressures given the historically low unemployment rate has led them to conclude that the traditional trade-off between unemployment and wages - the infamous Phillips curve relationship - no longer exists.
White House seeking to slash renewable energy research
The Trump administration asked for a budget of $636.1 million a year ago, a almost 70% reduction, but Congress balked. The cuts to the renewable and energy efficiency programs represent about 7% of the DOE's total budget.
"Not only is the economy doing well, but both wages and the quality of jobs are improving for people who are seeking work", said Cathy Barrera, chief economist at ZipRecruiter. That is forcing companies to compete harder for workers, a recipe for pay increases.
The average hourly wage rose 2.9 percent from a year before.
Employers' words may finally be translating into action. Over the year, construction employment has increased by 226,000. "A classic example in economics is like a coal mining town where workers can not actually go find another employer". According to economists, this explains much of the recent wage increase. Regardless, America has almost 6 million job openings, near a record high.
The pay gains show that employers are increasingly competing for a narrower pool of workers with the US expansion now in its ninth year.
What happened: Hiring bounced back in January after a milder gain in December. Construction companies hired 36,000 workers. Manufacturing also continued a yearlong pattern of solid hiring, adding a net 15,000 new jobs last month. Restaurants, hotels, bars and entertainment gained 35,000. The vehicle retailer AutoNation said this week that it was no longer refusing to hire workers who tested positive for marijuana use - a sign of changing legal and societal norms, but also an indication that companies are rethinking hiring practices in a tight labor market. The figures point to an economy on strong footing, fueled by consumer spending and global growth. The average workweek fell to 34.3 hours, the shortest in 4 months, from 34.5 hours in December.
The solid job gains were sure to be a relief for an embattled White House, as President Donald Trump has taken credit for the extended run of good economic news amid political turmoil. Over the last three months, job gains have averaged 192,000 per month. "However, given our specialization in emerging cities our task has become very challenging with unemployment rates being so low and the increased retirements of the baby boomers".