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Jobs report: People working part time for economic reasons declines, wages rise 5% year-over-year

Yahoo Finance's Ines Ferré breaks down more data from the September jobs report.

Video Transcript

[MUSIC PLAYING]

JARED BLIKRE: Welcome to Yahoo Finance. It's 11:00 AM in New York City. I'm Jared Blikre, and here's what I am watching today. Good news is bad news. Stocks slump as the jobs report misses expectations, but it's the lower unemployment rate that gives the Fed more food for thought and maybe space to hike further. The housing market increasingly looks like the first domino to fall amid declining prices and rising mortgage rates. We're going to speak with the Wedbush Securities analyst on the outlook for homebuilders.

And could President Biden's move on marijuana change lives, and will it impact his standing ahead of the midterms? We're going to take a look at the stocks moving in that space. But first, let's take a look at the stocks after that jobs report. And this is big one of the week here. And we can see the Dow-- well, let's take a look. The Dow down just slightly here. It looks like it's off about 407 points, maybe a little bit more than slightly. We got the NASDAQ down about 2 and 1/2% and the S&P 500 down 1.8%.

Now the bond market, another story, guys. We've seen a lot of volatility in this space. Let's see if we can get some quotes there. We've got the 10-year up to 3.89%. And that is a six basis point move. We've got the five-year at 4.13% and the 30-year at 3.86%.

And we want to get more on the market with Yahoo Finance's Ines Ferre. And Ines, you are watching the report. You are charting the reaction to it live on the YFi Interactive-- yeoman's work, by the way. Yeopeople's work. Let me get-- what are some of the numbers sticking out to you after we've had the opportunity to dig into the report?

INES FERRE: Well, I think that wage gains are still too hot, even though wage gains came down from August, which was 5.2%, to 5%. That is still too hot. That is to say that the Fed has runway to continue hiking rates. And that's why you saw the market reaction. I also thought it was interesting the number of people who are employed part-time for economic reasons. And we've got that number there on a chart for you. And this has seen a decline for the third straight month.

So these are individuals that would have preferred to work full-time, but they're working part-time because either their hours got cut, or because they're unable to find full-time work. So that number is declining. Again, a sign that the labor market, while it may be softening a bit, it is still not softening enough for the Fed to pivot.

JARED BLIKRE: All right, thank you for that report here, Ines.