The US job market last month showed its strongest signs of turning around since the start of the year, suggesting that a long-anticipated economic recovery might finally be powerful enough to help workers.
Employment rose by 57,000 last month, its first increase since January, and the unemployment rate held steady at 6.1 percent, the US Department of Labor reported Friday.
But the increase in payrolls outside the farming sector was still not large enough to match the growth of the population, and the percentage of adults with jobs fell to the lowest level in 10 years.
"The labor market showed a little bit of life," said Drew Matus, an economist at Lehman Brothers. "However, one month does not erase all of the pain we have seen."
The jobs increase gave the White House a rare piece of good news, after difficult weeks filled with questions about its handling of the economy and the war in Iraq. The Democratic presidential candidates, who had been preparing a new round criticism to accompany Friday's jobs report, found themselves with little new to say.
The employment gains swept across much of the economy, even if they remained small. Retailers added more jobs than they had since July last year, and temporary-help agencies -- one of the first sectors to cut workers when the economy weakened in 2000 -- added to their payrolls for the fifth straight month.
Manufacturers eliminated 29,000 jobs in September, but the loss was the smallest since the summer of last year.
The Labor Department also announced that the economy had lost 98,000 jobs in July and August, 44,000 fewer than initially estimated.
Stocks rose after the employment report was released.
"This changes the mood of the market," said Ian Shepherdson, the chief domestic economist at High Frequency Economics in Valhalla, New York.
For all of the hints of a turnaround, however, the length and depth of the current jobs slump also began to weigh on workers in new ways last month.
With the economy having lost more than 2.5 million jobs since the start of 2001, employees have continued to lose bargaining power and unemployed people are struggling to find new work.
Average weekly earnings for rank-and-file workers -- who make up about three-quarters of the work force -- fell last month for the first time since April, by US$0.33, to US$520.67.
The number of people who have been out of work for at least 27 weeks and continue to look for a job jumped to 2.1 million, from 1.9 million. Almost 5 million people were working part-time because they could not find full-time work, up from 4.4 million in August.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new