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US – Sep Employment Report
05/10/2024 11:46 am MYT
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Non-farm payrolls rose by 254,000 in Sep, more than the increase of 159,000 in Aug (figure 1), recording the highest job growth in six months. Employment growth was mainly contributed by the education & healthcare, leisure & hospitality and government sectors (table 1).

The unemployment rate fell to 4.1% in Sep from 4.2% in Aug, the lowest in three months. The long-term unemployed accounted for 23.7% of all unemployed persons. The average length of unemployment was 27 weeks.

The labour force participation rate in Sep remained at 62.7%, for the third consecutive month. The average hourly earnings expanded by 0.4% month-on-month and 4.0% year-on-year to US$35.36. Meanwhile, the average work week edged down by 0.1 hours to 34.2 hours in Sep.

With the strong employment data, it reduces the need for the Federal Reserve to cut interest rate aggressively at its final two meetings of the year.



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Note from Publisher
People are living longer due to factors like improvements in public health, nutrition, and medicine. Malaysia’s life expectancy rose from 63 years in 1970 to 76 years in 2022. However, this happy development brings new challenges. Chief among them is how does one ensure a reasonable quality of life after retirement, so that the blessing of a longer physical life does not become a suffering due to financial difficulty.

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