Despite the small number of jobs created in September, the unemployment rate fell
The most expected monthly report from the Bureau of Labor Statistics is finally live. After yesterday’s optimistic figures published by the Department of Labor, the market had high hopes, but the non-farm payrolls figures came in lower-than-expected.
In September, 661,000 jobs were created in the US. The market was looking for 900,000 after in August the figures were higher-than-expected – 1,489 million. The leisure and hospitality sector added 318,000 jobs, while health care and social assistance came last with 108,000 new jobs.
On the other hand, the unemployment rate fell to 7.9% from a previous 8.4%, beating the market’s expectation of 8.2%.
Since mid-March until now, 12 million jobs out of the 22 million reported have been recovered.
The American indices opened lower because of the NFP results and President Trump's news testing positive for COVID-19. At the opening bell, USA500 was trading 1.24% lower, while USA30 moved between 1.07% - 1.10%.
Read the latest US Unemployment Claims report here!
Sources: forexfactory.com, marketwatch.com, cnbc.com