This Week In the Economy: US September Employment Surge, Mortgage Rates Depress Loan Demand, Contracting US Manufacturing Activity, EU Retail Sales Slump Again

Welcome to a regular snapshot review of U.S. and international economic news that aims to 1) provide a window into the challenges and decisions facing businesses today, 2) determine the direction of economic policy — such as the speed at which central banks decide to raise interest rates, and 3) assess what the impact will be for consumers.

US Employment Surged In September, Unemployment Rate Unchanged

The Bureau of Labor Statistics reported this week that the U.S. economy added 336,000 jobs last month, while the unemployment rate remained at 3.8%.

The change in total nonfarm payroll employment for July was revised up by 79,000, from +157,000 to +236,000, and the change for August was revised up by 40,000, from +187,000 to +227,000. With these revisions, employment in July and August combined is 119,000 higher than previously reported.