Few of us thought that the American labour market would be such an important economic indicator this year, but on Friday their non-farm payroll data was released and it was important. In September, 263,000 new jobs were created and the unemployment rate decreased from 3.7% to 3.5%. The average earnings per hour rose by 0.3% and on an annual basis, it stands at a 5% increase. All of this matters because it affects the Federal Reserve Bank's next interest rate decision.
* The Economics Minute is supported by the NWU Business School.
