Photo: Daniel Goodman / Business Insider
The jobs number for September is out, and it’s good.First of all, the headline number beat expectations.
103K came in well ahead of the expected 60K.
137K private jobs was well ahead of the 90K that analysts expected.
More importantly, perhaps, previous months were revised higher significantly.
Remember that goose-egg form last month when it was reported that there where zero jobs created?
Well it turns out that that was wrong , as the number was revised upwardly to 57K.
The bad news: U-6, the so-called “real” unemployment rate spiked 16.2% to 16.5%.
Markets are rallying on the news.
The full report can be found here.
Original post: The big jobs report number comes out at 8:30 AM ET.
We’ll have wall-to-wall coverage.
As we wait, here are the key numbers to watch for.
- Total new non-farm payrolls +55K (prior: 0)
- New private payrolls +90K (prior: 17K)
- Unemployment rate 9.1% (prior: 9.1%)
- New manufacturing jobs 0 (prior: -3K)
- Average hourly earnings growth +0.2% (prior: -0.1%)
At this moment, US markets are just off modestly, though they’ll probably swing wildly once out.
Something to bear in mind is that the private payrolls number will benefit from about 45K striking workers who came back on payrolls, so to get the real state of things, you’ll have to lop off 45K from the number.