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September Payrolls +661k; Unemployment Rate 7.9%
- U.S. nonfarm payrolls grew by 661,000 in September, below market expectations for a 875,000 gain, according to figures released Friday by the Bureau of Labor Statistics.
- August payrolls were revised up to 1.489 million (prev 1.371 million).
- Private payrolls rose by 877,000, slightly above expectations for a 875,000 increase. That was mostly led by service-producing industries like leisure and hospitality (+318,000), and retail trade (+142,400).
- Government payrolls fell by a larger-than-expected 216,000 after growing by 467,000 in August. That's mainly a reflection of a 213,000 drop in payrolls growth among local educators.
- The unemployment rate continued to fall in September, dropping to 7.9% from 8.4% in August. Markets had expected a drop to 8.2%.
- The effects of a persistent misclassification error that has skewed unemployment figures since March was minimal in September, and the unemployment rate would have been 0.4 percentage points higher than reported, the BLS said.
- Average hourly earnings were up 0.1% after rising 0.3% in August. The average workweek increased by one-tenth to 34.7 hours from 34.6 hours in August.
- Nonfarm payrolls were down 10.7 million from February.
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