U.S. Adds Double Expected Number of Jobs in September


The US economy added 336,000 nonfarm jobs in September, nearly double the 170,000 jobs economists had predicted and surpassing the upwardly revised 227,000 jobs in August, according to government data released yesterday. The latest figure is the largest monthly increase since January. Most of the jobs in September were added in leisure and hospitality (96,000), government (73,000), and healthcare (41,000). Average hourly earnings in September were up 0.2% month-over-month and 4.2% year-over-year, slightly down from estimates of 0.3% and 4.3%. The unemployment rate held steady at 3.8% from the previous month. See all data here.

Morgan Stanley Credits ‘Bidenomics’ for GDP Growth


Morgan Stanley is crediting President Biden’s economic policies with driving an unexpected surge in the U.S. economy that is so significant that the bank was forced to make a “sizable upward revision” to its estimates for U.S. gross domestic product, CNBC reports. As a result of these unexpected swells, Morgan Stanley now projects 1.9% GDP growth for the first half of this year. That’s nearly four times higher than the bank’s previous forecast of 0.5%.

Consumer Sentiment Hits Two-Year High


“U.S. consumer sentiment soared in early July to an almost two-year high, bolstered by easing inflation and a strong labor market,” Bloomberg reports. “The University of Michigan preliminary index rose by 8.2 points to 72.6, the highest since September 2021. The reading topped all forecasts in a Bloomberg survey of economists, and the monthly advance was the largest since 2006.”