September NFP +156,000

Today’s job report showed that the U.S. economy created 156,000 net new jobs last month. The number for July was revised down by 23,000 and August was lowered by 7,000.

Meanwhile, growth in workers’ wages accelerated last month. Private-sector workers earned, on average, $25.79 an hour in September, up 6 cents, or 0.2%, from a month earlier. The average paycheck grew 2.6% over the past year.

The report provides one of the final major snapshots of the economy before the Nov. 8 presidential election. Steady job growth has boosted the approval rating of President Barack Obama and has been cited by Hillary Clinton as she urges voters to keep Democrats in control of the White House. Her Republican challenger, Donald Trump, has pointed to high underemployment and modest economic gains among blue-collar workers in arguing for change.

The unemployment rate rose to 5.0%. In the last six years, the U.S. economy has created 14.375 million jobs.

This report is on the weak side but I don’t believe it will deter the Fed.

Posted by on October 7th, 2016 at 8:59 am


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