Loading...
Most Recent Stories

JOBS REPORT COMES IN BETTER THAN EXPECTED

Apparently David Tepper was right.  This really is a “win win” market.  Equity futures rallied after the BLS announced an improvement in the monthly job’s report (via Econoday):

Payroll jobs finally returned to positive territory as the impact of layoffs of temporary Census workers has dwindled and the private sector is strengthening. Payroll employment in October rebounded 151,000, following a revised 41,000 decline in September and a 1,000 decrease in August. The October gain came in higher than analysts’ projection for a 60,000 increase. The August and September revisions were net up 110,000.

The October jobs report saw the last notable drop in temporary Census workers. But the government sector was not as negative as feared. Government employment fell 8,000 after decreasing 148,000 in September. Private nonfarm employment posted another gain, advancing 159,000 in October, following a revised boost of 107,000 in September. The consensus called for an 85,000 boost for private payrolls.

In the private sector, service-providing jobs advanced 154,000 after a 111,000 increase in September. Within services for October, temp help gained 35,000; health care added 24,000 jobs; and retail trade jumped 28,000. Goods-producing industries edged up 5,000 after a 4,000 dip in September. In the latest month, manufacturing was little changed, slipping 7,000; construction rose 5,000; and mining increased 8,000.

Average hourly earnings gained 0.2 percent in October after rising 0.1 percent in September. The October number matched the market forecast. The average workweek for all workers edged up to 34.3 hours from 34.2 hours in October, marginally topping expectations for 34.2 hours.

On a year-ago basis, overall payroll job growth rose to up 0.6 percent in October from up 0.3 percent the month before.

Turning to the household survey, the unemployment rate was unchanged at 9.6 percent, equaling analysts’ median forecast.

Today’s report shows the labor sector healing more than anticipated. This is good news for the economy, though there is still a long way to go to return to pre-recession unemployment. On the release, equity futures rose modestly.

Source: Econoday

Please follow and like us:

Comments are closed.