Market and economy have entered a 'virtuous cycle': Charles Payne
Gxstocks host Charles Payne weighs in on the state of the market on 'Making Money.'
The U.S. economy added jobs in September amid uncertainty about economic conditions, but job creation levels remained relatively subdued and added to signs of a weakening labor market.
The Labor Department on Thursday reported that employers added 119,000 jobs in September, a figure that was above the estimate of economists polled by LSEG.
The unemployment rate rose to 4.4% in September, which was higher than economists' expectations.
Originally scheduled for release on Oct. 3, the September jobs report was delayed by a month and a half because of the 43-day government shutdown, which furloughed workers at the Bureau of Labor Statistics (BLS) who are responsible for compiling the report.
Job gains in the prior two months were both revised in the September report, with job creation in July revised down by 7,000 from a gain of 79,000 to 72,000; while August job creation for August was revised down by 26,000 from a gain of 22,000 to a loss of 4,000.
Taken together, employment in July and August combined was 33,000 lower than previously reported.
US JOB GROWTH MISSED EXPECTATIONS IN AUGUST AMID ECONOMIC UNCERTAINTY
Private payrolls added 97,000 jobs in September, which was above the LSEG estimate of 62,000.
Government payrolls expanded by 22,000 jobs in September after declining by the same amount in August. State governments added 16,000 jobs and local governments added 9,000 jobs, while the federal government shed 3,000 jobs in September.
The manufacturing sector lost 6,000 jobs in September, a smaller drop than the 8,000 loss estimated by LSEG economists.
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