U.S. employment rose by a higher than anticipated rate as 248K jobs were add, based on the Bureau of Labor Statistics. This figure was above market expectations, which were at 220K and the ADP report showed that private non-farm payroll grew by 213K during September. According to the latest U.S. employment report, the main sectors that grew were in professional and business services, retail trade, and health care. The rate of unemployment slipped to 5.9%. Gold and silver tumble down.
The chart below shows the revised figures of the added number of non-farm employees in the labor market in past years (up to September 2014). The non-farm payroll in August and July were revised up by a total of 69K than previously estimated. This revision comes after the August report was very unimpressive with only 142K jobs added.
In September, the rate of U.S. unemployment slipped by 0.2 percentage points to 5.9%. The current unemployment rate is 1.3 percent points lower than its rate in September 2013.
Moreover, the number of unemployed persons (9.3 million) fell by 329K in September compared to the previous month. A closer look reveals that the civilian labor force slipped by 97K. Despite the drop in number of unemployed and modest fall in the number of people participating in the labor force the participation rate inched down to 62.7%.
Following this news, the U.S dollar pull sharply up including the Euro and Yen depreciating by over 1% against the USD; crude oil price is currently falling by over $1.3; the U.S stock market indexes are recovering; gold and silver prices are tumbling down.
For further reading: