Last Friday, markets were anxiously awaiting the release of the most recent jobs report. The Labor Department reported that, outside of the farm sector, the U.S. added 248,000 jobs in September well ahead of market expectations of 215,000 jobs added. Unemployment fell from 6.1% down to 5.9%; this decline marked the first time that the unemployment rate has been below 6% since July of 2008.
Preliminary reports had predicted a disappointing jobs number for the month of August and hinted at a potential U.S. slowdown. However, September's labor market gains have largely dispelled those worries and revised figures have shown that hiring in the summer months was stronger than previously reported.
Year to date, the economy has gained an average of 227,000 jobs per month, a 17% increase from the pace set in 2013. Hours worked per week are typically a sign of a strengthening economy, and that statistic has raised to post-recession highs. So far, our nation is on track to add the most jobs in nine years; the coming months, and especially the expected seasonal labor market additions around the holidays, will go a long way in cementing that statistic.
Ethan Wade, Financial Advisor
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).