This morning's employment report from the Department of Labor shows hiring picked up in September, with 103,000 non-farm payrolls added. Unemployment was left at 9.1%. Investors expected the report to show around 60,000 jobs added. Additionally, the government revised its July and August employment data, showing an additional 99,000 jobs were added over the summer.
According to the report, The increase in employment partially reflected the return to payrolls of about 45,000 telecommunications workers who had been on strike in August. In September, job gains occurred in professional and business services, health care, and construction. Government employment continued to trend down, it notes.
So far, the economy has recovered only a fraction million of the 8.7 million jobs lost since the recession began. Economists say the economy needs to add at least 150,000 jobs a month just to keep pace with population growth.
Juli says: The better-than-expected report is expected to support the U.S. stock market this morning, although investors remain cautious about the slow pace of economic growth.