Friday, October 2, 2020
Non-farm payroll results from the U.S. Bureau of Labor Statistics (BLS) were released this morning, with results well below what analysts had been expecting: 661K new jobs were generated overall for September, well beneath the 800K-1 million positions anticipated. The Unemployment Rate, however, came in at 7.9% — still a high figure historically, but the first time we’ve been under 8% since pre-pandemic levels reported in March.
The private sector reportedly gained 877K new jobs, which was in the ballpark of what was expected — and nearer to the 749K reported in the private-sector payroll survey from ADP ADP on Wednesday — and countered notably by a big cut-back in government census jobs on the month. Local and State Governments alone shed more than 200K positions in September.
Big winners brought in huge monthly job gains: Leisure/Hospitality +318K, Retail +142K and Healthcare +107K. These extraordinary