Post by Odysseus on Oct 6, 2023 18:59:52 GMT
Joe Biden must be doing something right!
Job growth was stronger than expected in September, a sign that the U.S. economy is hanging tough despite higher interest rates, labor strife and dysfunction in Washington.
Nonfarm payrolls increased by 336,000 for the month, better than the Dow Jones consensus estimate for 170,000 and more than 100,000 higher than the previous month, the Labor Department said Friday in a much-anticipated report. The unemployment rate was 3.8%, compared to the forecast for 3.7%.
Stocks initially fell after the report but turned around through the morning. The Dow Jones Industrial Average accelerated more than 150 points after two hours of trading, while Treasury, though still positive on the session, eased as the 10-year note yielded 4.77%, up about 0.05 percentage point.
...
“Slowdown? What slowdown? The U.S. labor market continues to exhibit amazing strength, with the number of new jobs created last month nearly twice as large as expected,” said George Mateyo, chief investment officer at Key Private Bank. ...
Nonfarm payrolls increased by 336,000 for the month, better than the Dow Jones consensus estimate for 170,000 and more than 100,000 higher than the previous month, the Labor Department said Friday in a much-anticipated report. The unemployment rate was 3.8%, compared to the forecast for 3.7%.
Stocks initially fell after the report but turned around through the morning. The Dow Jones Industrial Average accelerated more than 150 points after two hours of trading, while Treasury, though still positive on the session, eased as the 10-year note yielded 4.77%, up about 0.05 percentage point.
...
“Slowdown? What slowdown? The U.S. labor market continues to exhibit amazing strength, with the number of new jobs created last month nearly twice as large as expected,” said George Mateyo, chief investment officer at Key Private Bank. ...