US Oct nonfarm payroll employment down 5,000; unemployment 5.7 pct
WASHINGTON (AFX) - Nonfarm payroll employment fell by 5,000 in October from the previous month, the Labor Department said. This is the second consecutive month that nonfarm payroll declined, the first two-month string of negative job growth since March-April.
The nonfarm payroll decline was unexpected. The consensus forecast of Wall Street economists was for total nonfarm payrolls to rise by 4,000 in October. The unemployment rate rose to 5.7 pct in October from 5.6 pct in September. This was slightly below Wall Street expectations that the unemployment rate to rise to 5.8 pct.
US September consumer spending down 0.4 pct; personal income up 0.4
WASHINGTON (AFX) - Consumer spending fell 0.4 pct in September from the previous month, while personal income rose 0.4 pct, the Commerce Department said. This is the first decline in consumer spending since last November. The fall was driven by a decline in spending on durable goods, such as automobiles.
Both consumer spending and personal income were weaker than expected. The consensus forecast of Wall Street economists was for a 0.1 pct drop in consumer spending, and an increase in income of 0.5 pct.
