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The US economy added 336,000 jobs in September
Posted on 10/6/23 at 7:47 am
Posted on 10/6/23 at 7:47 am
quote:
Job growth was stronger than expected in September, a sign that the U.S. economy is hanging tough despite higher interest rates, labor strife and dysfunction in Washington.
Nonfarm payrolls increased by 336,000 for the month, better than the Dow Jones consensus estimate for 170,000, the Labor Department said Friday in a much-anticipated report. The unemployment rate was 3.8%, compared to the forecast for 3.7%.
Wage increases were softer than expected, with average hourly earnings up 0.2% for the month and 4.2% from a year ago, compared to respective estimates for 0.3% and 4.3%.
Stock market futures turned sharply negative following the report and Treasury yields jumped. Investors have been on edge lately that a resilient economy could force the Federal Reserve to keep interest rates high and perhaps even hike more as inflation remains elevated.
From a sector perspective, leisure and hospitality led with 96,000 new jobs. Other gainers included government (73,000), health care (41,000) and professional, scientific and technical services (29,000). Motion picture and sound recording jobs fell by 5,000 and are down 45,000 since May amid a labor impasse in Hollywood.
LINK
quote:
Wow. What a jobs report!
JUST IN: The US economy added 336,000 jobs in September – that’s another strong month of hiring that blows away the 170,000 forecast.
Unemployment rate: 3.8% (same as August)
Wage growth: 4.2% y/y (above 3.7% inflation)
quote:
Strong job gains in September across the board:
Hospitality: +96,000
Government: +73,000 (lot of education hires)
Healthcare: +41,000
Social aid +25,000
Professional +21,000
Retail +20,000
Manufacturing +17,000
Construction +11,000
Warehouse +9,000
IT -5,000
Temp help -4,000
LINK
This post was edited on 10/6/23 at 7:49 am
Posted on 10/6/23 at 7:50 am to RLDSC FAN
Who wants to bet that number will quietly be “adjusted downward” in 2-3 months?
Posted on 10/6/23 at 7:50 am to RLDSC FAN
How much is that seasonal?
Posted on 10/6/23 at 7:52 am to Darth_Vader
quote:
Who wants to bet that number will quietly be “adjusted downward” in 2-3 months?
This! When was the last time a jobs report was adjusted upward? I'd like to see the data tracked vs who was in the White House.
Posted on 10/6/23 at 7:52 am to RLDSC FAN
quote:
Hospitality: +96,000
This seems very strange…
Does the hospitality industry always over-staff itself just in time for consumer spending to tank?
Posted on 10/6/23 at 7:53 am to RLDSC FAN
And they will have trouble filling those jobs due to so many people on Democrat government dependency.
Posted on 10/6/23 at 7:53 am to LSUGrrrl
quote:
3.7% inflation
Probably near right. The rate has certainly slowed down over the summer.
But these job numbers are a little sus too. I bet...
quote:
that number will quietly be “adjusted downward” in 2-3 months?
This post was edited on 10/6/23 at 7:54 am
Posted on 10/6/23 at 7:54 am to Duke
Yea, its just the y/y rate. Its probably about right.
Posted on 10/6/23 at 7:54 am to RLDSC FAN
Sorry if I’m skeptical
They just manipulate numbers ever how they need to
They just manipulate numbers ever how they need to
Posted on 10/6/23 at 7:54 am to RLDSC FAN
Equities futures plummeting. Dow, equal weight S&P, and Russell all now negative ytd. And this following a disastrous 2022. And the cherry on top is that our dollars are worth about 75% of what they used to be.
Posted on 10/6/23 at 7:55 am to RLDSC FAN
Next month is when you see that things slowed, lag.
Most of that was actually forms of government and school starting back.
Essentially overall numbers are flat. Earnings didn’t rise.
Locally have see 4/5 manufacturers with 20% layoffs in last two weeks. Demand is lower.
Most of that was actually forms of government and school starting back.
Essentially overall numbers are flat. Earnings didn’t rise.
Locally have see 4/5 manufacturers with 20% layoffs in last two weeks. Demand is lower.
This post was edited on 10/6/23 at 8:00 am
Posted on 10/6/23 at 7:55 am to pioneerbasketball
quote:
How much is that seasonal?
Aren't UE numbers seasonally adjusted when released?
Posted on 10/6/23 at 7:56 am to RLDSC FAN
Aren't these jobs reports always readjusted downward after the fact?
Posted on 10/6/23 at 7:56 am to GurleyGirl
quote:
And they will have trouble filling those jobs due to so many people on Democrat government dependency.
You morons really believe garbage like this?
Posted on 10/6/23 at 7:57 am to TigerHornII
the previous numbers were just adjusted upwards with todays news.
Posted on 10/6/23 at 7:57 am to RLDSC FAN
Get back to us in a few weeks when they revise the numbers way down
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