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U.S. Labor Market Stayed Tight in September: NFP +263k, Jobless Rate Falls to 3.5%

Economic Indicators Oct 07, 2022 08:35AM ET
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By Geoffrey Smith 

Investing.com -- The U.S. economy continued to add jobs at a solid rate in September, with employment growth slowing only slightly from August.

Nonfarm employment rose by 263,000 through the middle of the month, the Labor Department said on Friday - a little more than the 250,000 expected and only a moderate drop from August's number of 315,000, which was left unrevised.

The jobless rate ticked down to a new low of 3.5% of the workforce from 3.7% in August, suggesting that the scramble for workers has hardly eased up despite increasing signs of a slowdown in parts of the economy. It's now where it was immediately before the COVID-19 pandemic erupted early in 2020.

The drop in the jobless rate was due to the unemployed finding work, rather than to more people entering the workforce. The participation rate edged down to 62.3% from 62.4% in August.

Even so, there was no sign of wage pressures accelerating, as average hourly earnings continued to grow at a steady clip of 0.3%. As such, earnings growth slowed in year-on-year terms to 5.0% from 5.2% in August, well behind the rate of inflation.

The survey was completed before Hurricane Ian hit the coast of Florida and South Carolina, meaning that any impact from that event will only be visible in October's numbers.

The modest rise in earnings growth helped to keep the initial market reaction relatively muted, at the end of a week when investors have bet heavily that the slowing economy will force the Federal Reserve to abandon its course of interest rate increases earlier, and at a lower terminal level, than the central bank is predicting. Fed officials have repeatedly pushed back against such expectations in the last couple of days.

By 08:45 ET (12:45 GMT), the yield on the interest-rate-sensitive 2-Year Treasury note was up 6 basis points at 4.31%, while the 10-Year note yield was at 3.91%.

However, the dollar rose to its intraday high against the yen, sterling and the euro, as the data reaffirmed the outlook for a long period in which U.S. rates will be higher than those elsewhere in advanced economies.

U.S. Labor Market Stayed Tight in September: NFP +263k, Jobless Rate Falls to 3.5%
 

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Comments (33)
Vendetta FX
Vendetta FX Oct 08, 2022 10:30AM ET
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lol the snap back gona be fun 🤣 how long fed can keep on denying and rising rate they are the worlds biggest debt holder they gona print more dollar to pay the interest make more inflation ?! Hyperinflation !! dollar gona slide
Kaushal Shah
Kaushal Shah Oct 07, 2022 11:22AM ET
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now print money with inflation % on it 🤣🤣🤣🤣🤣🤣🤣🤣🤣
jose goncalves
jose goncalves Oct 07, 2022 11:11AM ET
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8% is the rate to value printed money again!
rob finch
rob finch Oct 07, 2022 10:20AM ET
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supply and demand seem to have no effect on real wages as they don't keep up with inflation. why would anyone choose work?
First Last
First Last Oct 07, 2022 10:20AM ET
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Did you choose welfare?
Brad Albright
Brad Albright Oct 07, 2022 10:20AM ET
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First Last Mommy's inheritance.
Kaushal Shah
Kaushal Shah Oct 07, 2022 10:17AM ET
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all countries will now no longer take $ as common trading currency. will follow Russian model of controlling their currency by gold instead $. biden lost bettle completely.
First Last
First Last Oct 07, 2022 10:17AM ET
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Which country do you think has the biggest gold reserve?
Dee Mehta
DMFINANCE Oct 07, 2022 10:17AM ET
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First Last you will be surprised. If you count the average people the larget gold holder is India . More than 5 times the gold held my top five centeal banks combined. This doesnt include the temple and relgious gold
First Last
First Last Oct 07, 2022 10:17AM ET
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Dee Mehta    India is the world's largest consumer of gold, followed by China, then USA.  But India has a very small official holding.  So gold in private American hands should be high.  Not sure if US private + official gold holdings in > India's.  Russia and China would be fine with letting the USD decline, but hard to imagine they would let India be the richest country instead.
Mike Harms
Mike Harms Oct 07, 2022 10:14AM ET
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Don't fight the FED, does not mean buy the dips, catch a falling knife, be attached to glutunous narcisstic greed!
Dhaval sardhara
Dhaval sardhara Oct 07, 2022 10:10AM ET
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jobless rate down and market also down , Market don't like that jobless rate down.
Anh Nguyen
Anh Nguyen Oct 07, 2022 10:09AM ET
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Ok unemployment is only 3.5%. We gonna raise another .75 rate on November folk. Have fun!
Prabhat Negi
Prabhat Negi Oct 07, 2022 10:05AM ET
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the way the market is behaving hardly anyone is making money .. now the question is .. then who's making the money ? it's the bloody FED who's manipulating and taking that money back to the reserves. it's the FED who gives its them who takes back.
Stephen Fa
Stephen Fa Oct 07, 2022 10:05AM ET
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Ever heard of going short?
Prabhat Negi
Prabhat Negi Oct 07, 2022 10:05AM ET
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read my comment again... can't you see the price action.. it's irrational.. it's manipulated.. you can be lucky once but you can't trade daily.
Kaushal Shah
Kaushal Shah Oct 07, 2022 9:59AM ET
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🤣🤣🤣🤣🤣 pls don't share jokes here what a article🤣🤣🤣
 
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