MercoPress. South Atlantic News Agency
US jobs created in September sharply lower than expected; fears global slow-down is hitting America
The figure was far lower than the 205,000 increase forecast by economists. The number of jobs in July and August were revised down by a combined 59,000. 
The US Labor Department numbers reinforced fears that the China-led global economic slowdown is hitting America's recovery 
The proportion of Americans who either have a job or are looking for one fell to a 38-year low, reflecting retirements of older workers The US economy added just 142,000 jobs in September, lowering the chance of an interest rate rise this year. The figure was far lower than the 205,000 increase forecast by economists. The number of jobs created in July and August were revised down by a combined 59,000.
Wall Street opened sharply lower, with the Dow Jones and S&P 500 indexes both down about 1.3%.However, both indexes later recovered to be up about 0.5% and 0.6% respectively.
The poor figures also resulted in a rollercoaster ride for the FTSE 100, which ended the day up 0.9% at 6,129.9 points despite also turning negative in afternoon trading.
The Labor Department numbers reinforced fears that the China-led global economic slowdown is hitting America's recovery, adding to doubt about whether the Federal Reserve will raise rates before 2016.
The number of new jobs for August was cut by 37,000 to 136,000 - in sharp contrast to the upward revision expected by economists. The July total was also reduced, by 22,000 to 245,000.
Tom Porcelli, chief US economist at RBC Capital Markets, described Friday's non-farm payrolls report as “absolutely weak”.
“So if you have a weak report here in combination with some of the other weakness that we are seeing across the globe, the odds [of a rate rise] get dinged for December,” he said.
“Every aspect of the September jobs report was disappointing,” said Michelle Girard, an economist at RBS Securities. She also believed that the Fed “will be forced to stay on hold over the remainder of the year”.
The number of new jobs created in the US has averaged 198,000 a month for 2014, below last year's average of 260,000. However, the unemployment rate held steady at 5.1%.
The jobless rate, which is derived from a separate survey of households, was unchanged only because 350,000 workers stopped looking for work last month and were no longer counted as part of the labor force.
The proportion of Americans who either have a job or are looking for one fell to a 38-year low, partly reflecting retirements of older workers from the baby boomer generation.
Average hourly wages fell by 1% to $25.09 during the month and were only 2.2% higher than the same month in 2014. The data also knocked the dollar lower, with the pound rising 0.6% to $1.5238 after the numbers were released. Yields on government bonds also fell.
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Read all comments“The US economy added just 142,000 jobs in September, lowering the chance of an interest rate rise this year. The figure was far lower than the 205,000 increase forecast by economists.”
Oct 03rd, 2015 - 06:21 pm 0So what, they increased, didn't they? Better than the UK that's for sure.
Who cares what some limp-wristed “economists” say, they couldn't make up their minds if their life depended on it from the evidence so far.
So, basically, the only one who comes up with reliable information and numbers, is you, isn't it, Chris?
Oct 04th, 2015 - 08:19 am 0All based on your tax-evading experience, right?
@ 2 Breakdowns R Us
Oct 04th, 2015 - 01:25 pm 0Oh dear, lying about my tax status again eh? Bit boring, don't you think?
You know what I have told you, do you want to go back to the hospital with the bars on the windows because lying and abusing others does upset you and another breakdown will be worse than before.
And no, as usual you have completely missed the point. The economics experts are guessing, their answers are no better than mine or even yours if you bothered to look at the facts and think about what MAY happen if you were correct.
But you never look at the facts, you only lie and hope that someone on here believes you.
Do you really think that anyone who has read my posts over the years is going to believe you over me, even if they dislike what I post they know I do not lie.
One day you may get out from under whatever drives you to behave in this ludicrous manner but it will take strength of character and a will to succeed, qualities which you have so far never shown.
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