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U.S. job growth stumbles, raising doubts on economy

  • Thread starter V.Balasubramani
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V.Balasubramani

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U.S. job growth stumbles, raising doubts on economy

U.S. employers slammed the brakes on hiring over the last two months and wages fell in September, raising new doubts the economy is strong enough for the Federal Reserve to raise interest rates by the end of this year.

Payrolls outside of farming rose by 142,000 last month and August figures were revised sharply lower to show only 136,000 jobs added that month, the Labor Department said on Friday.

That marked the smallest two-month gain in employment in over a year and could fuel fears that the China-led global economic slowdown is sapping America's strength.

"You can’t throw lipstick on this pig of a report," said Brian Jacobsen, a portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.

The weak job growth took Wall Street by surprise and U.S. stocks sold off sharply. The dollar also weakened and yields for government bonds fell.

Bets on interest rate futures showed investors only saw a 27 percent chance of a Fed rate hike in December, down from around 44 percent before the job report's release.

"(With) a weak report here, in combination with some of the other weakness that we are seeing across the globe, the odds get dinged for December," said Tom Porcelli, an economist at RBC Capital Markets.


Read more at: http://in.reuters.com/article/2015/10/02/us-usa-economy-idINKCN0RW08V20151002
 
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