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Tuesday, June 28, 2022

U.S. Labor Market Weakened With Rising Covid Cases, But Average Hourly Wage Rose

Therefore the coronavirus resurgence greatly delayed the labor market in November. Just 245,000 non-agricultural jobs, almost half of economists’ consensus of about 470,000, and far less than 610,000 jobs creation by the U.S. economy in October. It should be noticed that October work vacancies were also revised down from 638,000 to 610,000.

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Despite this the unemployment rate dropped from 6.8 percent of market consensus to 6.7 percent and from 6.9 percent in October, a factor largely related to a fall in labor force participation, which fell to 61.5 percent, as many Americans were discouraged from looking for jobs due to the economic and health crisis. The only good news is that, compared with a consensus of 0.1 percent, the average hourly wage increased more than expected, by 0.3 percent compared to the previous month, and it is up 4.4 percent compared to November 2019.

On the other hand, industrial orders increased on a month-on-month basis more than anticipated (up 1 percent in October, against a market consensus of 0.8 percent and a 1.3 percent rise in September, indicating American entrepreneurs’ confidence in the medium-term improvement of the economy. Finally, in October, below consensus ($64.8 billion) and after $62.1 billion in September, the balance of international trade in goods and services reported a deficit of $63.1 billion.

Paradoxically, investors, hoping that they would exert pressure on the political class to rapidly implement a new stimulus plan, did not sanction the job figures. At its next meeting on December 15-16, the Fed might also be more likely to increase its funding.

Uber Technologies Inc (UBER) gained 4.46% to close the weekend session at $54.86. The ride-hailing firm asked the U.S. Centers for Disease Control and Prevention (CDC) to identify the drivers and delivery drivers of the organization as important non-health workers and thus liable for priority virus vaccination.

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