Key points from this morning’s September Unemployment Report:
- The unemployment rate fell two-tenths of a percentage point to 3.7 percent, the lowest level since December 1969 and one-tenth of a percentage point below expectations.
- Nonfarm payrolls rose just 134,000, well below estimates of 185,000 and the worst performance since last September, when a labor strike weighed on the numbers.
- The closely watched average hourly earnings component showed a 2.8 percent year-over-year increase, in line with Wall Street estimates.
- August’s initial jobs count was revised up dramatically, from 201,000 to 270,000, while July’s numbers came up as well, from 147,000 to 165,000.
August’s initial count was revised up dramatically, from 201,000 to 270,000, while July’s numbers came up as well, from 147,000 to 165,000. The revisions bring the three-month average growth to 190,000 while the 12-month average gain is 201,000.
Job gains for September were concentrated in professional and business services, which rose by 54,000. Health care saw 26,000 new positions while transportation and warehousing was up 24,000. Construction continued to show gains with 23,000, while new hires in manufacturing increased by 18,000 thanks to a gain in durable goods-related industries.
Hat tip CNBC.com: https://www.cnbc.com/2018/10/05/us-nonfarm-payrolls-september-2018.html