The U.S. Bureau of Labor Statistics has reported that nonfarm payrolls in September increased by 254,000, surpassing estimates of 132,500. The unemployment rate also decreased from 4.2% to 4.1%. Additionally, the BLS revised July’s payrolls up by 55,000 and August’s up by 17,000.
The labor force participation rate remained at a steady level of 62.7%, while the employment-population ratio saw little change at around60%. These figures have remained relatively consistent over the past year.
Average hourly earnings rose by $0.13 or a total increase of .04% to reach $35.36 in September according to BLS data; this represents an overall increase in average hourly earnings for workers over the past year.
In addition to strong payroll numbers for September,the number of employed individuals also saw significant growth with an increaseof430,000 -the largest monthly jump since March.This report should ease concerns about weakening job market conditions and may impact future pricing decisions madebythe Federal Reserve as they consider their next monetary policy move.There is currently less than a10% probability that there will be another50 basis-point cut,and more generally,this report may raise questions about future pricing trends going forward.
