David Nicholas, CEO of Nicholas Wealth Management, explains how the port strike could affect Barney & Co.'s stock market and the broader economy.
U.S. job growth in September exceeded economists' expectations, with little change in the unemployment rate.
The Labor Department reported Friday that employers added 254,000 jobs in September, well above the 140,000 increase expected by economists at LSEG.
The unemployment rate fell slightly from last month to 4.1%.
The employment growth figures for the previous two months have all been revised upward, with job creation in July increasing by 55,000, from an increase of 89,000 to 144,000, and job creation in August from an increase of 142,000 to 159,000. The figure was revised upward by 17,000 due to an increase in the number of people.
Private sector payrolls grew faster than LSEG economists expected, adding 223,000 jobs versus the 125,000 expected. Manufacturing employment fell by 7,000 jobs in September, a sharper decline than the expected decline of 5,000 jobs.
Restaurant payrolls increased by 69,000 in September, far exceeding the average monthly increase of 14,000 over the past 12 months. Job growth in the health care industry slowed to 45,000 jobs last month from an average of 57,000 jobs per month over the past year.
Average hourly wages for all employees on the private nonfarm payroll increased 13 cents, or 0.4%, to $35.36 per hour. This brings the rate of increase in the past 12 months to September to 4%.
This is a developing story. Please check back for the latest information.
