U.S. nonfarm payrolls rise in September

October 15th, 2011 by James

U.S. nonfarm payrolls rise in SeptemberAccording to a recently released U.S. government report, employment grew more than expected in September and job gains for the prior months were revised higher that could ease fears the economy was heading into recession.

The Labor Department said nonfarm payrolls rose 103,000, while the unemployment rate held steady at 9.1 percent as an increase in household employment offset a rise in the participation rate.

From in.finance.yahoo.com:

Part of September’s relative strength reflected the return of 45,000 Verizon Communications workers who had dropped off payrolls in August due to a strike. Excluding those workers, payrolls increased by 58,000.

The tenor of the report was strengthened by revisions that showed 99,000 more jobs added in July and August than initially reported. In addition, hourly earnings rebounded and the average work week rose.

Economists had expected nonfarm employment to increase 60,000 last month and the jobless rate to hold steady at 9.1 percent.

The government’s closely followed employment report was another sign that the world’s largest economy was likely to skirt a recession despite weakness over the summer.

Private employment increased 137,000 last month, which is acceleration from August’s meager 42,000 count.

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