Independent Strategy

USUS September Payrolls

September non-farm payrolls number came in under expectations at +661k (mkt +850k).  But the private payrolls number bettered at +877k vs. 850k mkt, while manufacturing payrolls also beat (+66k vs. +35k est) with a loss of 216k on the government side explaining the headline miss.  There was a sizable upward revision to the jobs gained in August too.

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