|10-03-2014, 03:47 PM||#1|
U.S. Unemployment Falls to 5.9%, Payrolls add 248,000
The U.S. unemployment rate fell to its lowest in six year at 5.9% in September and non-farm payrolls increased more than estimated, further asserting the labor market’s improvement.
Payrolls climbed 248,000 in August following a rise of 180,000 in August that was higher than initially estimated. Revisions to July and August added 69,000 jobs. Analysts expected September payrolls at 215,000.
The unemployment rate fell to 5.9%, the lowest since July 2008 from 6.1%.
The U.S. Federal Reserve is trying to determine the strength of the labor market’s recovery as the central bank’s asset purchases are coming to an end, and next will be an interest rate increase, that has been on record-low levels to boost growth.
A measure for the number of U.S. employees of those looking for a job fell to 62.7%, the lowest since February 1978, since 62.8% in August.
Private employment increased by 236, while manufacturing payrolls gained 4,000.
Construction payrolls climbed by 16,000 while retail employment jumped 35,300 in September.
The report also showed average hourly earnings were unchanged in September and up 2 percent over the past 12 months.
While the unemployment rate is falling and companies are hiring mroe, Federal Reserve policy makers are monitoring other figures, such as the under-employment rate and worker pay, to gauge exactly how much remaining slack there is in the labor market.
Under-employment rate, which measures the unemployed, people looking for full-time jobs but settled with part-time jobs, and those who left the workforce, fell to 11.8% from 12% in August.
The report had an immediate and a significant impact on markets. The U.S. Dollar Index jumped to 86.49, the highest in four years.
Gold fell below the $1,200 mark for the first time since late December 2013.
The euro was down over 1% against the dollar to trade at $1.2527, the lowest in more than two years.
10-year U.S. Treasury note yields were up 4 basis points at 2.465%.
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