Job creation misses big in September – CNBC

unemployment_6

The U.S. economy created 142,000 jobs in September, a number that missed expectations and could cool expectations that the Federal Reserve will start raising interest rates soon.

Unemployment held at 5.1 percent, according to the Labor Department. A separate member that includes those who are working part-time for economic reasons or have not looked for employment fell to 10.0 percent.

Economists had been expecting the report to show 203,000 new jobs, from the downwardly revised 136,000 in August (from the originally reported 173,000).

“Disappointing across the board,” said Brad McMillan, chief investment officer at Commonwealth Financial Network. “This is not what the markets were looking for, this is not what pretty much anybody expected.”

Fed officials have been keeping a close eye on the jobs number for clues about when it would be appropriate to raise interest rates for the first time in more than nine years. The unemployment rate has been declining steadily, but that has come in significant part due to the lowest labor force participation rate in a generation.

Read more here.

Share

Comments

comments

')