Economy

Payrolls soared by 336,000 in September

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Payrolls soared by 336,000 in September, defying expectations for a hiring slowdown

Job growth was stronger than expected in September, a sign that the U.S. economy is hanging tough despite higher interest rates, labor strife and dysfunction in Washington.

Nonfarm payrolls increased by 336,000 for the month, better than the Dow Jones consensus estimate for 170,000 and more than 100,000 higher than the previous month, the Labor Department said Friday in a much-anticipated report. The unemployment rate was 3.8%, compared to the forecast for 3.7%.

Stock market futures turned sharply negative following the report and Treasury yields jumped. Stocks opened lower, with the Dow Jones Industrial Average down close to 150 points in early trading. The 10-year Treasury yield soared…



Source cnbc.com

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