More Americans have jobs than ever before

The US added another 254,000 jobs in September, way ahead of expectations

10/7/24 9:16AM

The Bureau of Labor Statistics’ nonfarm payrolls data reported that the US economy found itself with a blockbuster 254,000 new jobs in September, blowing past economists’ estimates for 150,000 new jobs, as the US labor market continues to make gains after the pandemic’s unprecedented upheaval.

US job market since 2019, elevator down, stairs up — Sherwood News

Although it dampens the case for a bigger rate cut at the next Federal Reserve decision, the stock market unequivocally liked the news — the S&P 500 Index rose on Friday, adding to its ~5% gains over the last month, while Treasury yields and the US dollar also rose.

We can work it out

The payroll gain was led by employment in food services and drinking places, which added around 69,000 employees in September. The Healthcare sector also contributed notably, gaining some 45,000 jobs in the month. The number of job losers also declined by 95,000 last month, and the unemployment rate marginally dropped down from 4.2% in August to 4.1% in September. Prior to the publication, economists had anticipated a continued slowdown in the US economy.

The news means that 159.1 million Americans are now employed in America — the most on record per BLS data.

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Ford dips as another large fire breaks out at the New York Novelis aluminum plant

Shares of US auto giant Ford are down more than 2% on Thursday morning following reports of another major fire at its primary aluminum supplier’s plant in Oswego County, New York.

Local media reported that a four-alarm fire broke out at the Novelis plant, which supplies 40% of the aluminum sheet for the US auto industry, on Thursday morning.

Last month, Ford said a September fire at the plant would hit its earnings by between $1.5 billion and $2 billion in the fourth quarter. The company said it would be able to mitigate about $1 billion of that next year.

As of 10:15 a.m. ET, local officials said the fire is under control and everyone had been safely evacuated. Novelis previously said it would be able to restart operations at the part of the plant most damaged by the September fire next month.