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United States : Statement by U.S. Secretary of Labor Acosta on October Jobs Report.

U.S. Secretary of Labor Alexander Acosta issued the following statement on the October 2017 Employment Situation report:

Octobers jobs report shows a return to strong pre-hurricane employment growth, with 261,000 new jobs created in October and upward revisions of +51,000 jobs for September and +39,000 jobs for August. Including revisions, this months report reflects 351,000 additional jobs. Since January, the economy has added nearly 1.5 million jobs.

The unemployment rate dropped again to 4.1%, the lowest since 2000. Adult male unemployment dropped 0.1% to 3.8%, and adult female unemployment dropped 0.3% to 3.6%, although teenage unemployment increased to 13.7%.

The economy reversed much of the hurricane-related decline in leisure and hospitality. Average hourly earnings, likewise, returned to the pre-hurricane range of 2.4% annual growth; higher wage growth is needed.

Job creators are hiring. For two quarters in a row, the economy has grown by 3% or more. Our economy is moving in the right direction, but there is more work to do. Lower taxes and a simplified tax code will create the right conditions for increased labor force participation and increased wages.

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Publication:Mena Report
Date:Nov 4, 2017
Words:209
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