It is jobs Friday. The Labor Department says the US economy created 156,000 jobs in September. The private sector added 167,000 and government shed 11,000. The unemployment rate rose to 5%.
Layoffs by U.S.-based companies rose in September to the highest level in two months, but is 25% below the announced job cuts a year ago. There were 44,324 layoffs, a 38% increase from August. The biggest job cutter last month was the education sector, cutting 8,671 jobs. Cuts in the computer industry in September totaled 4,152 jobs.
The announced job cuts in September brought the total for the year to 435,612, 12% percent below the same nine-month period last year. (Challenger, Gray & Christmas)
Filings for U.S. unemployment benefits fell last week to the lowest level since 1973. Jobless claims dropped by 5,000 to 249,000. Filings have been below 300,000 for 83 straight weeks -- the longest streak since 1970. The number of people continuing to receive jobless benefits declined by 6,000 to 2.06 million. (Labor Department)
Join us the weekend for Financial Focus Radio when we will look toward the December Fed rate hike.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.