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Job creation for September fell to its lowest level in a year though the unemployment rate dropped to a point not seen in nearly 50 years, according to Labor Department figures released Friday.
Nonfarm payrolls rose just 134,000, well below Refinitiv estimates of 185,000 and the worst performance since September 2017 when a labor strike weighed on the numbers. The unemployment rate fell two-tenths of a percentage point to 3.7 percent, the lowest since December 1969 and one-tenth of a percentage point below expectations.
The article goes on to state the following:
A separate measure of unemployment that includes discouraged workers and those holding jobs part-time for economic reasons – sometimes called the “real unemployment rate” – edged higher to 7.5 percent.
The closely watched average hourly earnings component showed a 2.8 percent year-over-year increase, in line with Wall Street estimates. The average work week was unchanged at 34.5 hours.
The survey period for September’s count came during the same time when Hurricane Florence slammed the Carolinas, though the Labor Department could not quantify the storm’s impact.
The official government count was well below an estimate earlier this week from ADP and Moody’s Analytics that reported a 230,000 growth in private payrolls. However, that did not account for Florence’s impact.
There was good news, though, in the report despite the headline miss.
August’s initial count was revised up dramatically, from 201,000 to 270,000, while July’s numbers came up as well, from 147,000 to 165,000. The revisions bring the three-month average growth to 190,000 while the 12-month average gain is 201,000.
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