US Adds 119,000 Jobs in September, Jobless Rate Rises

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00:00With a jobs number, here's Mike McKee. Good morning, Mike.

00:03Good morning, John. 119,000 jobs during the month of September, better than the

00:08double, basically, the forecast of 51,000. So it turns out to be a pretty good number for

00:14the month. And the unemployment rate comes in higher, 4.4 percent. So an argument on both

00:21sides of the employment mandate there. Labor force participation rate at 62.4 percent goes up.

00:28Average hourly earnings, two-tenths of a percent, is lower than the three-tenths forecast and the

00:33three-tenths in August. On a year-over-year basis, that's 3.8 percent. There's some base effects in

00:39there. And average weekly hours, 34.2. They have changed in private payrolls, 97,000. That's up from

00:5039,000, 38,000 in the month of August. They don't list any necessarily revisions at this month. I'll

00:59have to go deeper into that number to see if we have that. The September number of 119 comes after

01:08a minus 4,000 in August. August revised down to minus 4,000. So that is a change definitely in the

01:20outlook for the labor market. And that may have an impact a bit on Wall Street. Jobless claims come

01:25in at 220,000, lower than the 227 that was anticipated. Doesn't tell us what the prior week

01:34was, but it does suggest that things are okay. Don't, yeah, here we have the continuing claims,

01:421,950,000. So that is lower than the last time we got it, which is 1,974,000. Philadelphia Fed

01:55business outlook is the other number that we got, negative 1.7. That's better than the negative 12.8

02:01that we had in the month of October. That's not a government number, of course. So it is up to date.

02:08So overall, it's kind of a mixed picture on the employment report. Good news in terms of the

02:14number of jobs in September, but not on the unemployment side. Mike McKee, thank you, sir. Stay close.