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September jobs creation disappoints

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September jobs creation disappoints

142,000 jobs created; misses expectations badly.

Total nonfarm payroll employment rose by 142,000 in September, and the unemployment rate remained at 5.1%, the U.S. Bureau of Labor Statistics reported today.  In addition, July and August job creation estimates were both revised sharply downward, by 22,000 and 37,000 respectively.

Job gains occurred in health care, professional and business services, retail and restaurant and bar employment. 

Consensus estimates had expected an increase of 203,000 new jobs.

The historically low employment participation rate fell to 62.4%, its lowest level since October 1977.

Consensus estimates had expected an increase of 203,000 new jobs.

The number of unemployed persons fell slightly to 7.9 million.

In September, average hourly earnings for all employees on private nonfarm payrolls was flat, and average hours worked per week fell to 34.5 hours.

Worse, September job creation was largely due to increases in part-time work, while full-time employment actually fell by 185,000.

The full report can be found here.

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