DOW JONES INDUSTRIAL

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Daily Roundup of Key US Economic Data for Oct. 7

10/07/2022 | 03:12pm
(MT Newswires) -- The September employment report was uneventful, with payrolls growth only slightly stronger than expected, hourly earnings growth right on forecasts and the unemployment rate reversing its August increase due to a contraction in the labor force.

Nonfarm payrolls rose by 263,000 in September after an unrevised 315,000 gain in August and an upward revised 537,000 gain in July. Private payrolls rose by 288,000, above expectations and following a 275,000 jobs gain in August.

Government payrolls fell by 25,000, mostly due to seasonal adjustment issues with state and local education payrolls.

Leisure and hospitality jobs rose by 83,000 in September while health care jobs rose by 75,000 and professional services jobs rose by 46,000.

Conversely, retail trade jobs fell by 1,000 and transportation and warehousing jobs fell by 8,000 ahead of seasonal holiday hiring in the coming months.

The unemployment rate slipped back to 3.5% from 3.7% in the August. The labor force contracted by 57,000 jobs as labor force participation declined. Household employment rose by 204,000 while the number of unemployed fell by 261,000.

Average hourly earnings were rose by 0.3% in September after a matching 0.3% decline in August, lowering the year-over-year rate to 5% from 5.2%, the slowest rate since December.

Other data released on Friday:

August wholesale inventories were unrevised at a 1.3% increase from the advance reading released on Sept. 28 and followed a 0.6% decline in July.

At the same time, wholesale sales increased by only 0.1%, a smaller gain than expected despite a 1.5% jump in auto sales.

Combined with already released data for the retail and factory levels of distribution, business inventories are on track for a 0.8% gain while business sales are tracking up 0.2%. Both will be released on Oct. 14, when updated retail inventory and sales estimates will be released.

Consumer credit usage rose by $32.2 billion in August after a $26.1 billion gain in July, with revolving credit use rising at a faster rate than in the previous month and nonrevolving credit use growing at a steady rate.

The Atlanta Fed GDP nowcast estimate for Q3 growth was revised up to 2.9% from the 2.7% pace in the previous estimate on Wednesday. The next update is scheduled for Oct. 14.

The St. Louis GDP nowcast estimate of Q3 economic growth was revised up to 1.5% from the 1.23% gain reported last week.

MT Newswires 2022
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