DJ DATA SNAP: Sept US Jobs Growth Slowed More Than Expected(DJ)
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Sep Employment Report !Consensus: !
Sep Aug !Payrolls: +125K !
Payrolls +51K +188Kr ! Actual: +51K !
Unemployment Rate 4.6% 4.7% !Jobless Rate: 4.7% !
Hourly Earnings $16.84 $16.80 ! Actual: 4.6% !
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By Campion Walsh
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--U.S. payrolls growth slowed last month
much more than expected, while the prior month was revised up and
the unemployment rate fell.
Non-farm payrolls increased 51,000 in September after growing a
revised 188,000 in August and 123,000 in July, the Labor
Department said Friday. Previous reports had shown job growth of
128,000 in August and 121,000 in July.
The unemployment rate dipped to 4.6% in September from 4.7% in
August. The September unemployment rate was the lowest since June
and within the narrow 4.6%-4.8% monthly range seen so far this
year. The labor force participation rate was unchanged last month.
Average hourly earnings increased $0.04, or 0.2%, to $16.84. That
was up 4.0% from a year earlier.
The payrolls growth was well below Wall Street expectations, but
the unemployment rate was also lower than expected. The median
estimate of 23 economists polled by Dow Jones Newswires had
projected a 125,000 payroll increase and a 4.7% unemployment rate.
Wage growth was slightly less than expected, as surveyed economists
had projected a 0.3% monthly increase in average hourly earnings.
The Labor Department report suggests payrolls growth continues to
slow as the economy cools from its rapid pace earlier in the year.
The unemployment rate indicates a relatively tight job market, but
monthly payroll growth has slowed since March as overall economic
growth decelerated sharply in the second quarter.
Earlier this week Federal Reserve Chairman Ben Bernanke said the
weaker housing market will probably shave about one percentage
point off U.S. economic growth in the second half of 2006 and
continue to drag on growth next year. Bernanke said inflation
risks remain but should moderate over time. Fed policymakers are
widely expected to leave their short-term interest rate target at
5.25% when they meet Oct. 24-25.
The Labor Department Friday said hiring last month in
goods-producing industries fell by 11,000. Within this group,
manufacturing firms cut 19,000 jobs, while construction firms
added 8,000 jobs.
Service-sector employment grew by 62,000. Retail payrolls fell by
12,000. Business and professional services companies' payrolls
rose by 12,000. Education and health services added 15,000 jobs.
The average work week was unchanged at 33.8 hours.
-By Campion Walsh; Dow Jones Newswires;
DJ Table of U.S. Employment Data From Labor Department(DJ)
JUL. AUG. SEP.
U.S. Unemployment Rate 4.8% 4.7% 4.6%
Data From Establishment Survey
Non-farm Payrolls (000s) 135,374 135,562 135,613
Monthly Change 123 188 51
Goods Producing 22,420 22,438 22,427
Construction 7,504 7,527 7,535
Manufacturing 14,236 14,229 14,210
Service Producing 112,954 113,124 113,186
Retail trade 15,222 15,209 15,197
Professional, Business 17,364 17,401 17,413
Education, Health 17,735 17,802 17,817
Leisure, Hospitality 13,062 13,082 13,092
Government 21,970 21,996 21,988
Average Hourly Workweek
Total private 33.9 33.8 33.8
Manufacturing 41.4 41.3 41.1
Mfg Overtime 4.5 4.4 4.3
Avg Weekly Earns Total Private $568.16 $567.84 $569.19
Avg Hourly Earns Total Private $16.76 $16.80 $16.84
Data From Household Survey
Civilian Labor Force (000s) 151,534 151,698 151,799
Change 213 164 101
Employment(000s) 144,329 144,579 144,850
Change -34 250 271
Unemployment (000s) 7,205 7,119 6,949
Change 248 -86 -170
Not in Labor Force (000s) 77,379 77,469 77,621
Change 29 90 152
Persons Who Want Job 4,901 4,918 4,658
Change 131 17 -260
Source: U.S. Department of Labor
On the web: www.bls.gov
Sincerely, Ilan Levy-Mayer, M.B.A Vice President Cannon Trading Co Inc. http://www.cannontrading.com http://www.E-Futures.com ilan@cannoncapital.com Yahoo IM ilanlevy1970 310-859-9572 800-454-9572 Fax 310-859-0547 9301 Wilshire Blvd. Suite #614 Beverly Hills, Ca 90210 The finest compliment I can receive is a referral from a trusted client. * Important Please Note: Trading commodity futures and options involves substantial risk of loss. The recommendations contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
posted by Cannon Trading at 6:11 AM
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