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 Nonfarm payrolls grew more than expected in September. According to the latest employment report from the BLS, nonfarm payrolls grew by 248,000 in September. The unemployment rate also fell to 5.9% from 6.1%, the first time the unemployment rate has been below 6% since July 2008. Expectations were for a gain of 215,000. The labor force participation rate fell to 62.7% from 62.8%, while wage growth came in less than expected. Wages were flat month-over-month, and up 2% on a year-over-year basis, both missing expectations. Average weekly hours worked also ticked up slightly, to 34.6 from 34.5. Here were Wall Street's full expectations: - Nonfarm payrolls: +215,000
- Private payrolls: +210,000
- Unemployment rate: 6.1%
- Average hourly earnings, month-over-month: +0.2%
- Average hourly earnings, year-over-year: +2.2%
- Average weekly hours worked: 34.5
In August, the jobs report came in light, with nonfarm payrolls growing by just 142,000 against expectations for 230,000 that was expected by economists. August's number was revised up to 180,000 from 142,000. Friday's report also comes on the heels of what has been a rocky week for the stock market, as the Dow, S&P 500, and Nasdaq are all currently lower by about 1.8% so far this week. More to come ... | 
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