- Steve Blitz, chief economist of ITG Investment Research
The U.S. unemployment rate surprisingly fell to 7.8% in September, down from 8.1%, reaching its lowest level since January 2009, as employers hired more part-time workers. The Labor Department said on Friday, that the nation's economy added 114,000 workers last month, above analysts' expectations of an 110,000 increase.
"If you look at the payroll number, it's not a good number," said Steve Blitz, chief economist of ITG Investment Research. "When you look inside the report you see bits and pieces of good things."
"We're looking for ongoing, sustained improvement in the labor market," Fed Chairman Ben S. Bernanke told reporters following the announcement on Sept. 13. "What we've seen in the last six months isn't it."
The Standard & Poor's 500 declined 0.03 per cent to 1,460.93. The Dow Jones Industrial Average advanced 0.26 per cent to 13,610.15. The Nasdaq Composite plunged 0.42 per cent to 3,316.19.
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