BLS Delayed September Jobs Report Shows Stronger Hiring, But Unemployment Rate Climbs To 4-Year High

• The unemployment rate in September stood at 4.4%, the highest since October 2021.
• The BLS report stated that employment in September continued to trend up in categories such as health care, food services, and drinking places.
• This comes a day after the BLS canceled the October jobs report, stating that some of the necessary data could not be collected due to a lapse in appropriations.

The Bureau of Labor Statistics (BLS) on Thursday released the delayed September jobs report, showing that the U.S. economy added more jobs than expected during the month.

According to the BLS report, nonfarm payrolls increased by 119,000 in September, notably higher than the 50,000 expected by analysts, MarketWatch reported, citing Dow Jones estimates.

The unemployment rate in September climbed to a four-year high of 4.4%, the highest since October 2021.

This comes a day after the BLS canceled the October jobs report, stating that some of the necessary data could not be collected due to a lapse in appropriations.

Health Care Continues To Gain

The BLS report stated that employment in September continued to trend up in categories such as health care, food services and drinking places, as well as social assistance, building on the momentum from August.

Job losses occurred in transportation and warehousing, as well as in the federal government.

‘Stale’ Data

Reacting to the BLS release, Mohamed El-Erian, Chief Economic Advisor at Allianz, said on Thursday in a post on X that the data is “stale” and offers little actionable insight.

“Even setting aside that critical qualification, the report fails to clarify the labor market's status enough to resolve the deep policy divisions within the Federal Reserve,” he added.

Meanwhile, U.S. equities surged in Thursday’s opening trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 1.92%, the Invesco QQQ Trust ETF (QQQ) gained 2.32%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 1.56%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bearish’ territory.

The iShares 7-10 Year Treasury Bond ETF (IEF) was up 0.11% at the time of writing.

Also See: Nvidia Says Its 6-Year Old A100 Chips Are Running At Full Tilt, Countering Michael Burry’s Depreciation Warning

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