Economy Added 194,000 Jobs In September As Unemployment Rate Falls To 4.8 Percent
The economy added a modest and lower-than-expected 194,000 jobs in September, while the unemployment rate fell to 4.8%.
The figures, from the Bureau of Labor Statistics, were another indication of the toll that the Delta variant has had on Americans returning to the workforce, with the second straight month of job growth that has been disappointing.
Leisure and hospitality jobs increased by 74,000 in September, with 43,000 in arts, entertainment, and recreation. But there was little change in employment in employment of restaurant workers. And employment in local government education fell by 144,000, despite the return of in-person teaching and the start of the school year.
There was a 14,000 job uptick in movie and sound recording, as well as 11,000 in publishing.
Jason Furman, Harvard professor and chairman of the Council of Economic Advisers under President Barack Obama, wrote on Twitter that the numbers are “worse than we would like but better than they look. Most important is the headline: 194,000 jobs.” He noted, among other things, that nominal wages are up, along with hours.
One figure cited by the BLS was the 13.2% of those who have been teleworking — that is essentially unchanged from the prior month. There is some expectation that the numbers will improve in October, as Covid-19 cases began to fall in late September.
President Joe Biden is expected to address the latest numbers on Friday morning.
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Oil Futures Settle Notably Higher
Crude oil futures settled notably higher on Friday after surging past $80 a barrel for the first time in seven years amid tighter supplies and signs of increasing demand for energy.
Oil also found support from a recent statement from the U.S. Department of Energy that the Biden administration is not considering tapping into its emergency reserves to tackle the energy crisis in the market.
Earlier in the week, OPEC+ said it will stick to its plan of boosting supply gradually next month despite surging demand and tight supply conditions.
West Texas Intermediate Crude oil futures for November ended higher by $1.05 or about 1.3% at $79.35 a barrel after climbing to a high of $80.11 a barrel.
Brent crude futures were up $0.50 or about 0.6% at $82.45 a barrel a little while ago.
WTI crude futures gained 4.6% in the week, gaining for a seventh straight week.
A report from Baker Hughes said U.S. rigs drilling for oil climbed by five to 433 this week, rising for the fifth consecutive week. The total active U.S. rig count, including those drilling for natural gas, also increased by five to 533, the report said.
Rocket Lab Up 10% In The After-hours On NASA Deal
California-based Aerospace company Rocket Lab USA, Inc. (RKLB) is up 10% in the after-hours market after the company got awarded a NASA contract on Wednesday.
NASA is planning to launch an Advanced Composite Solar Sail System (ACS3) in mid-2022. The ACS3 is like a space-sailboat that uses the photon in sunlight as the propulsion force. NASA has chosen Rocket Lab’s Electron as the vehicle on which the ACS3 will be mounted. With the help of the ACS3, spacecraft will be able to accelerate in space where traditional propellants are non-existent.
Rocket Lab founder and CEO, Peter Beck said, “It seems fitting to launch NASA’s Advanced Composite Solar Sail System on Electron, the world’s first full-carbon composite orbital launch vehicle. We’re excited to see composites used yet again to unlock new capabilities in space.”
The stock of the company is trading at $15.50 in the after-hours market, up$1.50 or 10.71% from its previous close at $14.00 during the regular trading session. The market had opened at $14.40 after its $14.59 closure on the previous day.
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Motor racing: Bottas on pole in Turkey after Hamilton tops qualifying but takes penalty
ISTANBUL (REUTERS) – Formula One world championship leader Lewis Hamilton was fastest in qualifying for the Turkish Grand Prix on Saturday (Oct 9) but will start 11th due to a grid penalty, with Mercedes teammate Valtteri Bottas in pole position.
The British seven-time F1 champion’s title rival Max Verstappen qualified third for Red Bull and will join Bottas on the front row at Istanbul Park on Sunday.
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Opinion | The Supreme Court v. Reality
By Maureen Dowd
CSU Rams vs. San Jose State live blog: Real-time updates from the college football game at Canvas Stadium – The Denver Post
Live updates, tweets, photos, analysis and more from the CSU Rams game against the San Jose State Spartans at Canvas Stadium in Fort Collins on Oct. 9, 2021.
Mobile users, if you can’t see the live blog, tap here.