FAST FIVE: September Unemployment Rate Tumbles As Payrolls Print Above Expectations, Lowest Since April 2021
Among those not in the labor force in September, 452,000 persons were prevented from looking for work due to the pandemic, little changed from the prior month.
Printing and related support activities lost 4,000 jobs over the month.
Employment in wholesale trade continued its upward trend in September (+11,000).
There is not a lot of capacity for the labor force to grow, and thus strong wage pressure is going to continue to be an issue.
We continue to see the current data environment providing little room for a Fed pivot to a lower pace of rate hikes in the near term, in particular in light of our expectations for another strong reading in next week's CPI.” Jeffrey Rosenberg, BlackRock senior portfolio manager “The unemployment rate and the labor-force participation rate is why there's a negative reaction in equity futures.