Nonfarm payroll growth slows, but unemployment rate falls
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Manufacturing News, Source : The Manufacturer US
Published : 06 Oct 2006 20:31
US payroll growth slowed in September much more than forecast, but the previous month was revised upward, and the unemployment rate dropped to 4.6%, according to the Wall Street Journal.
Nonfarm payrolls increased 51,000 last month after growing a revised 188,000 in August and 123,000 in July, the Labor Department said Friday. Reports had previously shown job growth of 128,000 in August and 121,000 in July.
The unemployment rate fell to 4.6% in September from 4.7% in August. Last month's rate was the lowest since June and stayed within the narrow 4.6% to 4.8% range seen so far this year.
President Bush touted the job report as evidence that the economy was in good shape. "Wages are going up, energy prices are falling, which means people are going to have more money in their pocket to save, invest, or spend," the president said, after taking part in a roundtable on the economy at a FedEx Corp. facility in Washington.
Average hourly earnings in September rose $0.04, or 0.2%, to $16.84, up 4% from a year ago.
Last month's payroll growth was significantly below Wall Street expectations, but the unemployment rate was also lower than predicted. The median estimate of 23 economists polled by Dow Jones Newswires had forecast a 125,000 payroll increase and a 4.7% unemployment rate. Wage growth was slightly less than expected, as surveyed economists had projected a 0.3% monthly increase in average hourly earnings.
The Labor Department reported Friday that hiring last month in goods-producing industries fell by 11,000, with manufacturing firms cutting 19,000 jobs and construction firms adding 8,000.
Service-sector employment rose by 62,000, retail payrolls fell by 12,000, business and professional services companies' payrolls grew by 12,000, and education and health services added 15,000 jobs.
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