Nicholas Wealth Management CEO David Nicholas explains how a port strike could affect the stock market and the wider economy at Varney & Co.
US job growth picked up in September, beating economists’ expectations, while the unemployment rate was little changed.
On Friday the Labor Department reported that employers added 254,000 jobs in September, more than the 140,000 gain predicted by LSEG economists.
The unemployment rate fell slightly from last month to 4.1%.
The number of jobs added in the past two months were both revised higher, with July job creation revised up by 55,000 from a gain of 89,000 to 144,000, and August revised up by 17,000 from 142,000 to 159,000.
Private sector payrolls grew faster than LSEG economists had expected, with 223,000 jobs added compared to a forecast of 125,000. Manufacturing wages fell 7,000 in September, a larger drop than the 5,000 drop that had been estimated.
Employment in food and drink increased by 69,000 in September – above the average monthly gain of 14,000 over the previous 12 months. Job growth in the health care industry slowed to 45,000 last month after averaging 57,000 a month a year ago.
Average hourly earnings for all self-employed workers rose 13 cents, or 0.4%, to $35.36 an hour. That brings returns over the past 12 months in September to 4%.
This is a developing story. Please check back for updates.
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