September Payrolls Miss Big: +29K vs +85K Expected
IXIC sits 30% above its 52-week low of $20,690.249.
Summary
The September jobs report came in far below expectations at +29K nonfarm payrolls versus +85K consensus. Healthcare & social assistance added 23K jobs, leisure & hospitality added 10K, while government lost 17K and information lost 10K. August payrolls were revised down by 29K to +133K, and July payrolls were revised down by 31K to -10K. This is a major miss that will likely pressure equities, especially rate-sensitive tech names in the Nasdaq. The weak labor market data could shift Fed policy expectations, potentially accelerating rate cuts. Traders will watch how bond yields and futures react in the immediate aftermath.
At the time of this announcement, IXIC was trading at $26,871.60 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,288.79. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Mace News.