Solid Employment Data as 171K Jobs Created, Unemployment Rate Ticks up to 7.9%

Submitted by Mark Hanna

Courtesy of MarketMontage. View original post here.

A pretty good report here at 171K jobs created with September’s data revised up 34K and August’s up 50K as well.  Consensus was 125K.  The unemployment rate ticked up 0.1% to 7.9% but considering last month’s steep drop that is not unexpected.   Average hourly wages fell 1 cent to $23.58.

The average workweek was unchanged for the fourth month in a row at 34.4 hours If you recall, every year since the disaster that was fall 2008, we’ve seen a pickup in almost all government economic data in the fall thru early winter as the season adjustments seem to be askew due to the Lehman/AIG impact on the economy, so this appears to be third year in a row we are seeing the same situation.  Then of course the data worsens significantly in the spring and we get the Fed stepping in every year as data worsens through the summer, just in time for the next seasonally adjusted increase in fall data point.  Although this time around we are in QEinfinity so that last point won’t happen anymore.

Anyhow, we all await Jack Welch’s analysis.

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