The monthly jobs report from the Federal government missed the mark in terms of estimates, coming in at 214,000 when consensus was for 240,000. That doesn’t concern Peter Kenny of Clearpool Group who suggests the number is right where it should be. “The employment picture continues to improve,” he told Yahoo Finance. “That’s the bottom line.”
The Labor Department also noted that their original figures for August and September were under reported to the tune of 31,000.
Stock futures stayed in the black for a bit after the announcement but slowly slid negative; equities are down less than a percent in early trading.
Adding to the picture is an unemployment rate slowly ticking lower and now sitting at 5.8%, the lowest it has been since July 2008. Kenny says that will keep the Federal Reserve from doing anything that could send markets into a tizzy.
For the job number bears who continue to look for the gloom and doom of a “miss” Kenny reassures, saying, “There’s a time lag between that inertia in job gains and the eventual increase we’ll see in average earnings, hourly earnings, hours worked.”