MNI BRIEF: US Sept Jobs Meet Expectations; Unemployment Dips

U.S. employers added 263,000 jobs in September, roughly meeting analyst expectations for 260,000, and slowing from prior months' stronger pace, while the unemployment rate dipped to 3.5%, the Bureau of Labor Statistics reported Friday.

Average hourly earnings grew 0.3% last month meeting expectations. It's up 5.0% on the year. Federal Reserve officials are looking for wage gains to slow as they raise interest rates. Revisions added 11,000 jobs to August and July, and the number of unemployed fell 261,000. Notable job gains occurred in leisure and hospitality (+83k) and in health care (+60k). The labor force participation rate was 62.3%, down from 62.4% in August, and the employment to population ratio held steady at 60.1%.

Bond yields rose across the curve in the wake of the data, with the 10-year T-Note last at 3.895%, higher by 7.5 bps on the day, as markets continue to reverse the midweek Fed 'pivot' hopes.

Source: BLS