September’s employment report was a disappointment. Nonfarm payrolls rose just 148k against a market looking for a 180k increase. Net revisions were positive but only by +9k. Private payrolls were soft, up just 126k in September. Meanwhile, on the upside, the unemployment rate slipped a tenth to 7.2%. Overall, these data confirm that the economy was soft in 3Q ahead of the government shutdown – these data were all collected pre-shutdown.
Read the full report here.