Traditionally, the Bureau of Labor Statistics (BLS) in the US releases a detailed monthly synopsis of the labour market changes in the country for each period on every first Friday of the month.
As it was previously stated, the labour market is performing exceptionally well at the present rate, and it has been able to expand throughout the better part of 2019 consistently.
The unemployment rate fell somewhat surprisingly in September to 3.5 per cent from the previous 3.7 per cent level, which was recorded in August.
US Unemployment Rate. Image source: TradingEconomics.com
The notable drop in unemployment was attributed to robust revisions in past employment data, chiefly for July and August. In September’s Employment Situation Survey, compiled by the BLS, it was stated that:
“The change in total nonfarm payroll employment for July was revised up by 7,000 from +159,000 to +166,000, and the change for August was revised up by 38,000 from +130,000 to +168,000. With these revisions, employment gains in July and August combined were 45,000 more than previously reported.”
The early consensus forecasts expect the US economy to have added a moderate 90 000 new jobs during the previous month, which would be sizably lesser than the last survey’s reading of 136 000.
Consequently, a minute rise in unemployment by 0.1 percentage point is anticipated for the overall rate, which translates to an increase in unemployment to 3.6 per cent.
Such news is likely to have the most significant effect in the industry, where investors are still suspicious about the previously mentioned trade dispute.
The price of the Dow Jones Industrial Average is currently forming an increasingly narrower bullish flag on the daily chart, and the price is trading close to 26951 index points.
DJI 4H Chart. Image source: Trendsharks ©, created with TradingView.com
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