Job market was uncomfortably strong in September and stocks fall

Job market was uncomfortably strong in September and stocks fall

The U.S. economy added 263,000 jobs in September (after seasonal adjustments), the Labor Department reported this morning. The total was down from 315,000 in August but it was enough to bring the unemployment rate down to 3.5% from 3.7% in August. This good news for workers and families, is, of course, bad news for the financial markets, which keep looking for signs that the economy is slowing enough to slow the Federal Reserve’s aggressive round of interest rate increases.

Job market was uncomfortably strong in September and stocks fall

Initial claims for unemployment rise ahead of Friday’s September jobs report

First-time claims for unemployment rose to 219,999 for the week ended October 1, Labor Department reported this morning. Economists had projected a rise to 203,000. The prior week showed a revised 193,000 initial claims. Financial markets aren’t sure how much this means for tomorrow’s report on September employment. It could be the harbinger of a drop in the rate of job creation and an uptick in unemployment. On the other hand, the ADP job survey came in hotter than expected.