September Jobs Report

The September jobs report is out. The US economy added 661,000 net new jobs during the month of September. The unemployment rate dropped to 7.9%. Wall Street’s estimate was for 8.2%.

The bottom line is that the US economy is still adding jobs but at a slower rate than it had been before. The private sector added 877,000 net new jobs last month.

The labor force participation rate fell to 61.4% for September. Average hourly earnings rose by 0.1%.

Wall Street is also digesting the news of President Trump’s positive test for the coronavirus. Right now, the Dow futures looks to open down 414 points and the S&P 500 looks to open down by 53 points.

Here’s a chart of nonfarm payrolls:

Posted by on October 2nd, 2020 at 8:37 am


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