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Weekly Economic Update, October 10, 2016

on Oct 11, 2016 in General Parrott Insurance News

HIRING PICKED UP IN THE THIRD QUARTER
Employers added 156,000 net new jobs to their payrolls in September, the Department of Labor stated Friday. The August gain was revised up to 167,000, so monthly job growth averaged 192,000 in Q3, improved from 146,000 in Q2. The unemployment rate ticked up to 5.0% in September; the U-6 underemployment rate remained at 9.7%. Yearly wage growth reached 2.6%, with the average hourly wage rising six cents to $25.79.1,2

ISM INDICES SHOW A SEPTEMBER REBOUND
America’s manufacturing sector grew again last month; the Institute for Supply Management’s factory PMI improved to 51.5 in September, recovering from its recessionary August mark of 49.4. The Institute’s non-manufacturing PMI surged north 5.7 points last month, rising to 57.1.2

OIL & GOLD PRICES HEAD IN OPPOSITE DIRECTIONS
On Friday, gold closed down at $1,251.90 on the COMEX, falling about 5% for the week. Light sweet crude advanced just over 3% last week, closing at $49.81 on the NYMEX Friday, even after a 1.3% loss during the trading week’s last session.3

STOCKS END THE WEEK SLIGHTLY LOWER
The numbers contained within Friday’s jobs report did not exactly spark a rally, so the S&P 500 settled at 2,153.74, losing 0.67% for the week. The Nasdaq Composite and Dow Jones Industrial Average both descended 0.37% across five trading days to respective Friday closes of 18,240.49 and 5,292.40.4

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