September Jobs Report: U.S. Economy Adds 156,000 Jobs; Unemployment Rate 5 Percent

The U.S. economy added 156,000 non-farm payroll jobs in September, the Bureau of Labor Statistics reported this morning and the unemployment rate rose slightly to 5 percent from 4.9 percent in August.

The September non-farm payroll report slightly missed market estimates.

Economists from briefing.com had a consensus estimate of 176,000 non-farm payroll jobs in September.

Job revisions were 7,000 lower for the past 2 months of August and July.

The employment revision for July went from 275,000 to 252,000 while August was revised upwards from 151,000 to 167,000.

Job gains were strongest in professional and business services where employment rose by 67,000 in September followed by administrative and support services at 35,000 and the health care sector which added 33,000 jobs.

The September jobs report showed that in 2016, job growth has averaged 178,000 per month, compared with an average of 229,000 per month in 2015.

During the past 3 months, job increases have averaged 192,000 per month.

The labor force participation rate was 62.9 percent in September and changed little over the month.

Average hourly earnings rose by 6 cents to $25.79. Over the year, average hourly earnings have increased by 2.6 percent.

The average workweek for all employees on private nonfarm payroll increased by 0.1 hour to 34.4 hours in September.

On Wednesday private payroll process ADP reported that the U.S. economy added 154,000 private sector jobs in September, below the 171,000 consensus estimate from briefing.com, and lower than 175,000 in August.

In early Asian trading on Friday, the British sterling quickly tumbled over 6 percent in trading to 1.1789 over the span of several minutes and has only recovered 3 percent from pre-crash levels.

The British sterling is currently trading at 1.2371 as of 9:07 EST.

Some currency traders attribute the steep drop with the sterling on Friday in Asia to recent comments from French President Francois Hollande who said during a dinner on Thursday that Britain will have to pay a heavy price for leaving the European Union.

“There must be a threat, there must be a risk, there must be a price, otherwise we will be in negotiations that will not end well and, inevitably, will have economic and human consequences” Hollande said.

Hollande made those comments on Thursday evening after Britain’s PM Theresa May recently announced that the U.K. would begin the formal Brexit process by the end of March 2017 which involves triggering Article 50 of the Lisbon Treaty.

German Chancellor Angela Merkel has also recently used tough talk when describing Britain’s upcoming Brexit plans.

Written By:

Johnathan Schweitzer

@SchweitzFinance

schweitz31@gmail.com

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