The jobless rate fell 0.3 percentage point to 4.6% as labour participation dropped for a second month. “The labour market is still healthy, and perhaps operating at or beyond capacity,” said Michael Feroli, chief US economist at JPMorgan Chase & Co. in New York. I’d tend to put a little more weight on the unemployment rate when thinking about future developments and wage inflation.”Revisions to prior reports subtracted a total of 2,000 jobs from payrolls in the previous two months. The unemployment rate, which is derived from a separate labour department survey of households, was projected to hold at an eight-year low of 4.9% , according to the survey median. Even with the tight labour market, the news on wages was disappointing.

Source: Mint December 02, 2016 15:14 UTC