US adds 336,000 jobs in September..............
Posted on 10/06/2023 6:24:23 AM PDT by ChicagoConservative27
The US economy added 336,000 jobs in September — a surprising surge that raises the risk that the Federal Reserve will further tighten interest rates to tamp down inflation.
The blowout number was nearly double the 170,000 jobs economists had expected, and marks a sharp increase from the 187,000 jobs gained in August, according to fresh data released by the Bureau of Labor Statistics on Friday.
The report also showed that wages increases were smaller than expected and the unemployment held steady at 3.8% — slightly above the 3.7% forecast and even with the jobless rate in August, which had been up slightly from 3.5% in July.
(Excerpt) Read more at nypost.com ...
US adds 336,000 jobs in September..............
From the Bureau of Labor Statistics. I wouldn’t trust them that much. Those idiots need to release some good news for the Brandon Administration. However, they shouldn’t be allowed to make it up. Let’s Go Brandon, FJB.
The take-away is “higher for longer”. Although the economic “experts” do not want to believe that fact.
US Job Growth at 8-Month High
United States Non Farm Payrolls
US nonfarm payrolls increased by 336K in September 2023, well above an upwardly revised 227K in August, and beating market forecasts of 170K. It is the strongest job gain in eight months, and well above the 70K-100K needed per month to keep up with the growth in the working-age population, signalling that the labor market is gradually easing but remains resilient despite the Fed’s tightening campaign. Job gains occurred in leisure and hospitality (96K), above the average monthly gain of 61K over the prior 12 months; government (73K), also above the average monthly gain of 47K over the prior 12 months; health care (41K); professional, scientific, and technical services (29K); and social assistance (25K). Employment showed little change in other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; retail trade; financial activities; and other services.
Also:
The unemployment rate in the US was at 3.8% in September of 2023, remaining unchanged from the February 2022 high from the previous month and slightly above market expectations of 3.7%. Still, the result consolidated evidence that the labor market remains tight on historical standards, adding leeway for the Federal Reserve to leave borrowing costs at restrictive levels for a prolonged period. The number of unemployed individuals was essentially unchanged at 6.36 million people. The so-called U-6 unemployment rate, which also includes people who want to work, but have given up searching and those working part-time because they cannot find full-time employment, edged lower to 7% after touching a 15-month high of 7.1% in August. In the meantime, the labor force participation rate was also unchanged at 62.8%, the highest since February 2020.
and:
Used Car Prices in the US Rise 1%
United States Used Car Prices MoM
The Manheim Used Vehicle Value Index for the US increased 1% month-over-month in September 2023, the biggest rise in six months, and following a 0.2% gain in August. Prices rose for pickups (2.1%), midsize cars (1.4%), compact cars (1.3%), and SUVs (1.1%) while luxury lost 0.6% and vans fell 0.9%. Meanwhile, wholesale used-vehicle prices were down 3.9% compared to September last year, a thirteenth consecutive fall, but the smallest in six months. “We are at a crossroads for wholesale, mainly from concerns about the UAW strike’s potentially slowing new retail sales and moving buyers into the used market. We don’t see that happening just yet, as it always takes time for changes to work through the market”, said Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive. However, “we typically see only slight upward trends in wholesale values in the fourth quarter, which is why are forecasting our Used Vehicle Value Index to finish down 2.2% for the year”, Frey added.
The revisions are typically no higher than 10% or 15% - not going to have much of an impact when the increase in employment was double what was expected.
Yes the US government is so corrupt at this point, manufactured data has no credibility. As they might have said in the Soviet Union, “They pretend to tell us the facts, and we pretend to believe them.”
Two days ago the news was that 89,000 jobs had been added in September.
Now it’s 336,000?
Funny numbers or just counting different things?
My first thought as well.
I don’t believe a word coming from this administration. It was just this week they claimed they never issued any vaccine mandates.
Both. Bottom line, this Bidenomic economy sucks.
https://www.bls.gov/news.release/empsit.nr0.htm
The report. As usual, the devil is in the details.
Note the number for the hospitality industry.
Bug chunk if the alleged increase.
Migrant related...?
Tryst but verify...
Bug chunk of...
Big...
And Deep State likes it that way.
And a prosperous economy is not made of increasing jobs in "leisure and hospitality industries" or "government employment". That is merely a fantasy they want to sell to us.
These are all illegals. Wasn’t there an article a month or so ago saying only 6% of new hires were white?
If you think illegals can’t get a job or it’s just restricted to a few unethical employers let me clue you in how it’s done:
1- an illegal claims to be legally eligible for work in US.
2- employer requests they provide info for W4
3- illegal picks a number to use as SSN
4- employer checks SSN with e verify
5- SSN comes back as invalid or no match with name.
6- employer asks for corrected SSN
7- illegal says, no that’s the correct SSN
That’s it! The employer/employee can go back and forth forever with the claim it’s valid.
In the meantime, guess what? The employer is not allowed to fire or penalize the employee for the sole reason of an SSN mismatch.
So now we are on to step 8
8- employer does withholding under the SSN provided.
9- SS is aware of the mismatch so “holds” the funds for this invalid account.
This has been going on for decades. The only thing new is the e verify part. Previously, it was just back-n-forth through the mail.
But since “money is fungible”, SS gets to use that money to pay current SS obligations to retirees.
THIS is why RINOs are for illegal immigration. Since SS is fundamentally a ponzi scheme, it would’ve gone bankrupt long ago were it not for the steady stream of illegals providing cash.
“And Deep State likes it that way.”
Yep. For those are the industries in which a “serf” can join to climb up the financial ladder to independence.
You’re correct and I wondered the same thing...I could understand ADP’s numbers being off by 10% or something, but quadrupled?
Something is not right....Our business is extremely slow (manufacturing) and everyone we speak to in this industry is saying the same thing. I am not convinced that the economy is on fire....am I wrong?
That I did not know-—thanks for explaining.
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