U.S. Sept. Unemployment Rate, Payrolls Both Fall

he U.S. economy shed 43,000 jobs during September, but the unemployment rate fell to 5.6% from 5.7% on an upward revision in the August jobs data, the Department of Labor reported Friday.

Unemployment reports often have an impact on consumer confidence and spending – both of which can cause fluctuations in demand for trucking services.

The loss of 43,000 jobs from U.S. non-farm payrolls was a surprise to observers, who had earlier projected a rise in payrolls of 6,000, Bloomberg said. The projection was based on an initial August unemployment report that said payrolls had risen 39,000.

The decline in payrolls, which is counter-inflationary, may help spur a cut in interest rates by the Federal Reserve, some economists told Bloomberg.

Bloomberg said it is not unusual for the unemployment rate and payroll figures to move in different directions. The unemployment rate is compiled by a survey of 60,000 households while payroll data is gleaned from a survey of 300,000 businesses across the country.

Average hourly earnings rose 0.3% to $14.87 during September.

Factory payrolls fell 35,000 in September, the 26th straight monthly drop. The number of hours worked by factory employees in a typical week stayed unchanged at 40.9 hours.

The number of Americans holding jobs rose to 63% last month from 62.8% in August.