U.S. Unemployment Situation

U.S. Unemployment Situation

September’s nonfarm payroll employment increased by 661,000 compared, while unemployment rate fell by 0.5% to 7.9%, according to press release.  Resumption of economic activity, previously halted by pandemic led to improvements in labor market.

  • Number of unemployed people 12.6 million, down by 1 million.
  • Private payrolls up by 877,000  versus 875,000 estimate
  • Manufacturing payrolls up 66,000 versus 35,000 estimate
  • Birth-Death adjustment (unadj.) down by 62,000 versus previous 154,000
  • Change in nonfarm payrolls revised higher from 1.37 million to 1.489 million 
  • Prior change in private payrolls revised higher from 1.03 million to 1.022 million
  • Prior change in manufacturing payrolls revised higher from 29,000 to 36,000
  • Labor force participation declined by 0.3% to 61.4%
  • Employment-population ratio is 56.6%, an insignificant change over the month
  • Involuntary part-time workers are 6.3 million, a 1.3 million decline 
  • Number of people not in the labor force but need a job is 7.2 million, a negligible decline from August
  • Number of people on temporary layoff declined by 1.5 million to reach 4.6 million
  • Number of permanent job losers rose by 345,000 to reach 3.8 million
  • Number of unemployed job leavers is 801,000, up by 212,000
  • Notable job gains in leisure and hospitality, retail trade, health care, social assistance, professional and business services

Dollar index strengthening as stocks weaken on improving unemployment situations. SPY is down 0.55%, DXY is up 0.05%, XAUUSD is down 0.13%

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