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  3. US markets end higher as jobs data eases recession fears

US markets end higher as jobs data eases recession fears

05 Oct 2019 Evaluate

Extending their winning streak, the US markets and ended higher, with gains of over a percent, on Friday following the release of a closely watched Labor Department report showing weaker than expected job growth but an unexpected drop in the unemployment rate to a nearly 50-year low. The mixed data seemed to serve the dual purpose of reinforcing expectations the Federal Reserve will continue cutting interest rates while at the same offsetting concerns about a potential recession. The report said non-farm payroll employment rose by 136,000 jobs in September compared to street estimates for an increase of about 145,000 jobs. Meanwhile, the increases in employment in July and August were upwardly revised to 166,000 jobs and 168,000 jobs, respectively, reflecting the addition of 45,000 more jobs than previously reported. The average monthly job growth has still slowed from 223,000 jobs per month in 2018 to 161,000 jobs per month so far in 2019.

The Labor Department also said the unemployment rate fell to 3.5 percent in September from 3.7 percent in August. Street had expected to unemployment rate to remain unchanged. With the unexpected decrease, the unemployment rate dropped to its lowest level since hitting a matching rate in December of 1969. The unexpected drop in the unemployment rate came as a 391,000-person jump in the household survey measure of employment more than offset an 117,000-person increase in the size of the labor force. Even with the unemployment rate hitting a nearly 50-year low, the report said average hourly employee earnings edged down by a penny to $28.09 in September after rising by 11 cents in August. Compared to the same month a year ago, average hourly earnings were up by 2.9 percent in September, reflecting a notable slowdown from the 3.2 percent increase in August.

Dow Jones Industrial Average jumped 372.68 points or 1.42 percent to 26,573.72, Nasdaq surged 110.21 points or 1.40 percent to 7,982.47 and S&P 500 was up by 41.38 points or 1.42 percent to 2,952.01.

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