In a repeat of last month when the monthly payrolls came in as expected but the unemployment rate dropped far more than expected, moments ago the BLS report that in September a total of 661K jobs were added, below the 868K expected, and less than half the 1.489MM in August, led by a sharp 216,000 drop in government jobs (with local government education and state government education falling by 231,000 and 49,000 while hospitality, retail, construction and transportation saw some gains)...
... but offsetting these disappointment was the plunge in the unemployment rate which tumbled by a whopping 50bps from 8.4% to 7.9%, with rates for both blacks and Hispanic plunging as well.
https://www.zerohedge.com/markets/us-unemployment-rate-unexpectedly-plunges-below-8-661k-jobs-added
No comments:
Post a Comment