Nonfarm payrolls rose just 29,000 in September, well below the 84,000 consensus. The unemployment rate ticked up to 4.2% from 4.1%. Wage growth cooled to 0.13% month-over-month. August and July payrolls were revised lower.
Nonfarm payrolls +29,000 in September (consensus +84,000)
Unemployment rate 4.2% (consensus 4.1%)
Government payrolls -17,000
Average hourly earnings +0.13% MoM, +3.02% YoY (consensus +3.1% YoY)
Labor force participation rate 61.8% (consensus 61.6%)
Average workweek 34.4 hours (consensus 34.3 hours)
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WHY IT MATTERS••••••••••Market transmission and exposed assetsBULL / BEAR CASE•••• / ••••Competing evidence, edited togetherNEWS ON PRICE••.•% reactionConfirmation versus SPY and sectorWHAT TO WATCH•• catalystsThe facts that can change the read
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