US September Job Addition Of 248K Beats Expectations... Nevertheless, Labor Participation Rate Drops To 36 Year Low If the August payroll print was only +142, since revised to +180, it was largely offset by the September jump, which saw some 248K jobs added int he month, beating expectations of a 215K print, with a net prior revision of +69K jobs. And while with the revision of the August data the near-record streak of 200K+ jobs numbers was broken, we now have the longest running stretch of positive monthly job gains in history. On the other hand, the unemployment rate slid to jujst 5.9% from 6.1%, the lowest since July 2008. In September, the unemployment rate declined by 0.2 percentage point to 5.9 percent. The number of unemployed persons decreased by 329,000 to 9.3 million. Over the year, the unemployment rate and the number of unemployed persons were down by 1.3 percentage points and 1.9 million, respectively. However, the collapse in the labor force participation rate, which in September slid from a three decade low 62.8% to 62.7%, matches the February 1978 lows. And while according to the Household Survey, 232,000 people found jobs, what is more disturbing is that the people not in the labor force, rose to a new record high, increasing by 315,000 to 92.6 million.
Posted on: Sat, 04 Oct 2014 01:10:42 +0000
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