U.S. job growth slows sharply in September

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A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, U.S., August 6, 2021. REUTERS/Eduardo Munoz/File Photo/File Photo

Oct 8 (Reuters) – U.S. employment increased far less than expected in September amid a decline in government payrolls, but hiring could pick up in the months ahead as COVID-19 infections subside and people resume the search for work.

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MARKET REACTION:

STOCKS: S&P e-mini futures initially dipped, but then recovered and were last up 0.2%.

COMMENTS:

RUSSELL PRICE, CHIEF ECONOMIST, AMERIPRISE FINANCIAL SERVICES INC, TROY, MICHIGAN

“This is a stronger report than on first appearance. Sectors other than education still performed pretty well. Manufacturing had a good month despite all the supply constraints it continues to suffer. In fact, the motor vehicle sector dropped 6,000 jobs due to temporary layoffs and construction added 22,000. Even retail gained a strong…

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