Economic Statistics for 3 Oct 14
The Bureau of Labor Statistics reports that 248,000 net new jobs were created in September, with the unemployment rate falling to 5.9%. Average weekly hours rose to 34.6 hours from 34.5 hours, while average hourly income was unchanged at $20.67. All good so far. However, 97,000 people left the labor force last month, sending the labor force participation rate down -0.1% to 62.7%, the lowest since February of 1978. That means that 8,609,000 people who would have jobs with a historical participation rate average of 66.2%, do not now have jobs. In real terms, the unemployment rate is actually 10.87%, based on the historical labor force participation rate.
The US trade deficit fell by $400,000 to $-40.1 billion in August.
The Markit PMI services index for September fell -0.6 points to 58.9.
The ISM non-manufacturing index fell -1 point to 58.6 in September.
The JP Morgan Global Composite PMI fell -0.2 points to 54.9, while the Services PMI fell -0.2 points to 55.3 in September.