The main Non-Farm Payroll number – how many jobs were created – was in line with expectations for September, coming in at 114K. However, August’s 96K was revised up to 142K, that’s more than a 50% change.
The big surprise is in the unemployment rate, dropping to 7.8% from 8.1%, beating expectation of a rise to 8.2%. This is the lowest jobless rate the US has seen since Jan. 2009.
This came WITH a RISE in participation rate as you can see from the screenshot of the report below:
(Click to expand to a larger view)
Source: Bureau of Labor Statistics
Furthermore, average hourly earnings rose 0.3% in September, making August-September a couple of decent months after all.
Election issue: Numbers like this is good for the Obama campaign, not as something he can brag about, but as a bit of extra Kevlar against the Romney’s ammunition using the poor labor market to attack Obama.
Copyright FX Times All rights reserved.