Non-Farm Pay­rolls De­cline For First Time Since 2010

The Bond Buyer - - Market News -

The Septem­ber em­ploy­ment re­port re­leased Friday showed non-farm pay­rolls fell by 33,000, the first de­cline since Septem­ber 2010, fol­low­ing a net 38,000 down­ward re­vi­sion to July-Au­gust pay­roll fig­ures.

Econ­o­mists had ex­pected pay­rolls to rise 93,000, ac­cord­ing to IFR mar­kets.

The Bu­reau of La­bor Statis­tics said the ex­act im­pact of Hur­ri­canes Har­vey and Irma, which hit be­tween the Au­gust and Septem­ber sur­vey weeks, could not be quan­ti­fied.

The re­port showed that the un­em­ploy­ment rate dipped to 4.2% from 4.4% in Au­gust, com­pared with ex­pec­ta­tions for the rate to re­main 4.4%. The la­bor force surged by 575,000, house­hold em­ploy­ment was up 906,000 and unemployed to­tal fell by 331,000.

Av­er­age hourly earn­ings jumped by 0.5% in Septem­ber, stronger than the 0.3% gain ex­pected, after a 0.2% Au­gust gain. The 2.9% year-over-year rate in Septem­ber was up from 2.7% in Au­gust.

The over­all av­er­age work­week held steady at 34.4, while man­u­fac­tur­ing work­week stayed at 40.7 hours.

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