This Morning’s Jobs Report shows is an interesting one, showing a net loss of 33,000 jobs, where the markets were anticipating a 100,000 gain. It’s the lowest number in seven years. Despite the lack of new help wanted signs, the Unemployment Rate dropped from 4.4% to 4.2%, and the Hourly Earnings rate surged by 2.9% year-over-year, now standing at $26.55 per hour. The net loss in job creation is being attributed to the recent hurricanes, and the markets are focusing on the inflationary impact that comes with the increase in earning power. Consequently, there is a 91% chance that the Fed raises rates in December. So mortgage rates continue to see upward pressure. In the equities market, all three major U.S. stock indices are down a fraction of a percent this morning after experiencing record highs just yesterday.
If you are looking to boost your hourly wage way up past that $26.22 average, look into gaining some understanding of and expertise with Blockchain. It’s a technology developed for Bitcoin that allows for the confidential and secure exchanging of information, and everybody from IBM to Walmart wants people who know how to implement the technology. Consider that my PSA, for something I know nothing about. Have a great weekend!