58k New Jobs Added in September. "HOORAY!" Shouted the 13.5 Million Unemployed

Stocks liked what they saw in September Non Farm Payrolls, it was essentially a net add of 58k jobs versus expectations of 60k.  But it didn’t fall off a cliff, private employment climbed (as gov jobs fell) and there were some upward revisions to previous months’ data…

From Reuters:

Employment grew more than expected in September and job gains for the prior months were revised higher, according to a government report on Friday that could ease fears the economy was heading into recession.

Nonfarm payrolls rose 103,000 the Labor Department said on Friday, while the unemployment rate held steady at 9.1 percent as an increase in household employment offset a rise in the participation rate.

Part of September’s relative strength reflected the return of 45,000 Verizon Communications workers who had dropped off payrolls in August due to a strike. Excluding those workers, payrolls increased by 58,000.

Futures up big on the news so, ya know, Activate the Dance Floor.




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