Non-Farm Payroll Data Misses | Oil Lower as Nate Lingers
Published October 6, 2017
Canada’s unemployment rate fell in September as the economy created less jobs than forecasted, according to official data released this morning. Unemployment in Canada fell to 6.2% in September when analysts expected it to increase to 6.3%. 10,000 jobs were created last month, compared to 22,000 in August
The monthly employment report out of the US released this morning showed that the economy unexpectedly destroyed jobs in September; the unemployment rate ticked lower and wage inflation rose more than expected. Non-farm payrolls declined by 33,000 in September, compared to the rise of 169,000 in August. This was a big miss considering the consensus estimate was for the creation of more than 80,000 jobs
Average hourly earnings in the US rose month-on-month by 0.5% in September, beating forecasts for a gain of 0.3%. The increase in wages is being closely monitored by the Federal Reserve for evidence of diminishing slack in the labor market and upward pressure on inflation
Oil prices are down as traders monitor tropical storm Nate as it heads toward the Gulf of Mexico. The storm could evolve into a hurricane as early as this weekend. Brent Crude is down 1.44% on the day trading at 56.21 and WTI Crude is down 2.05% trading at 49.79
FOMC members Dudley and Kaplan are scheduled to speak later today. Dudley is delivering a speech titled “The monetary Policy Outlook and the Importance of Higher Education for Economic Mobility”. Kaplan is participating in a panel discussion in Austin at the Investing in America’s Workforce Conference hosted by the Federal Reserve System.