Last week’s scheduled economic news included readings on public and private-sector jobs and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also published.
Non-Farm Payrolls: Jobs Growth Dips Sharply in September
According to the federal government’s Non-Farm Payrolls report, U.S. jobs growth dipped sharply in September. In fact, only 194,000 public and private sector jobs were added in September and fell far short of the expected reading of 500,000 jobs. This expected reading was based on the 366,000 public and private sector jobs that were added in August. Hiring also lagged last month, as continuing concerns over Covid kept workers at home. No place was this more evident than at public schools, which had a low September’s jobs growth—at a time when schools traditionally hire for the upcoming school year.
Still, ADP reported 568,000 private-sector jobs added in September, when analysts only expected 425,000 jobs (based on 340,000 private-sector jobs added in August). Overall, the national unemployment rate fell to 4.80 percent in September compared to August’s jobless rate of 5.20 percent. In total, a pleasant surprise since analysts expected the national unemployment rate to drop only to 5.10 percent in September.
Mortgage Rates Mixed, Jobless Claims Fall
In other news, fixed mortgage interest rates fell last week, as the average rate for a 30-year fixed-rate mortgage fell two basis points to 2.99 percent. Similarly, rates for 15-year fixed-rate mortgages fell by five basis points on average to 2.23 percent. The average rate for 5/1 adjustable rate mortgages, on the other hand, rose by four basis points to 2.52 percent. And discount points averaged 0.70 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.
New and continuing jobless claims also fell last week, with 326,000 initial jobless claims filed compared to the previous week’s reading of 364,000 first-time claims filed. Yet another plus, as analysts expected 345,000 initial jobless claim filings. Lastly, 2.71 million continuing jobless claims were filed last week as compared to the previous week’s reading of 2.81 million ongoing jobless claims filed.
What’s Ahead for the Week of October 12, 2021
This week’s scheduled economic reporting includes readings on inflation, retail sales, and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be published.
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