Jobs Report Shows Unemployment Rate Drops to 7.8%

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Economic Update: Nonfarm Payrolls

The Labor Department reported that Nonfarm Payrolls, which is one of the most closely followed gauges regarding the state of the economy at the present time, gained 114,000 in the month of.

The increase in the number of new jobs was below the consensus estimates for an increase of 118K and was below August’s upwardly revised 142K (July: 181K, June: 45K, May: 77K, April 78K). The total revisions for the last two months shows a total of 86,000 new jobs than previously reported.

The private sector (aka the household survey) showed gains of 104K jobs, which was well below this week’s ADP report that showed 162K new private sector jobs.

The nation’s Unemployment Rate fell to 7.8%, which was below the consensus expectations for 8.2%. The big dive was tied to a very large increase in the employment per household numbers contained in the household survey.

Next up, average hourly earnings rose +0.3% on a month-over-month basis while the average number of weekly hours worked rose a tenth to 34.5.

Stock futures have improved on the news and point to a higher open on Wall Street.

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Other stories on the US Economy to review:

• Factory Orders Pull Back As Expected in August
  
• Challenger: Planned Job Cuts Remain Near 21-month Low
  
• ISM Non-Manufacturing Index Improves in September, But...
  
• ADP Report Shows Job Market Improved Modestly in September
  
• ISM Manufacturing Returns to Expansion Mode in September
  
• University of Michigan Consumer Sentiment Improves in September
  
• Chicago PMI Dives Below 50 in September
  
• Personal Income and Spending a Mixed Bag in August
  
• Pending Home Sales Point To a Potential Problem
  
• GDP Growth Rate Revised Down Significantly in Q2
  
• Durable Goods Orders Plunged in August
  
• New Home Sales Steady in August
  
• Richmond Fed Index Surprises to the Upside
  
• Consumer Confidence Surges Higher in September
  
• Case-Shiller Home Price Index Improves for 3rd Straight Month
  
• Philly Fed Index Improves in Sept, But Weakness Persists
  
• LEI Dips in August
  
• Exsiting Home Sales Improve in August
  
• Housing Starts Up in August, Permits Lower
  
• Homebuilder Confidence Up Again in Sept
  
• Industrial Production, Capacity Utilization Decline in August
  
• Retail Sales Improve In August
  
• CPI - Inflation In Line With Consensus
  
• PPI Hotter Than Expected in August
  
• Jobs Report Disappoints in August
  
• U.S. Productivity Improves, Labor Costs Steady

 

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