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EMPLOYMENT <br />1,000 <br />in- <br />0 <br />0 <br />0 <br />800 <br />600 <br />v <br />c <br />• 400 <br />0 <br />s <br />1- <br />= 200 <br />v <br />0.0 <br />c <br />U <br />o • -200 <br />-400 <br />Nonfarm Payroll (000's) <br />[_Nonfarm Payroll (000's) <br />3-month average (000's) <br />S0,o �dr, SPA, �c S% �0/. S' b �0/. S63b 40/. SPA, <br />1,g •) •o i1 c)1 �) �� �o) �S •q c)Q <br />Source: US Department of Labor <br />25.0% <br />20.0% <br />15.0% <br />al <br />cc <br />10.0% <br />5.0% <br />0.0% <br />• <br />• <br />. <br />CMCHANDLER <br />ASSET MANAGEMENT <br />Unemployment Rate <br />•. <br />• <br />• <br />• <br />- - - Underemployment Rate (U6) <br />Unemployment Rate (U3) <br />S'9 �o SP9` 4o SPA` �o SPp, 4o SPb, �o SPp, <br />'l9 o �O �1 �1 �� �� �S ��' ,"st Est <br />Source: US Department of Labor <br />The U.S. economy added 254,000 jobs in September, well above expectations of 150,000. The three-month moving average and six-month <br />moving average payrolls continued to trend weaker to 186,000 and 167,000 respectively. The unemployment rate declined to 4.1% in <br />September, and the labor participation rate remained at 62.7%, remaining below the pre -pandemic level of 63.3%. The U-6 <br />underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic <br />reasons declined to 7.7% from 7.9%. Average hourly earnings rose 4.0% year -over -year in September. U.S. labor market data from <br />September surprised to the upside, with strong job growth and a sharper -than -expected drop in unemployment, suggesting the economy <br />may be more resilient than anticipated. The Federal Reserve's view is that there has been "substantial" progress towards better balance <br />in the labor market between demand and supply for workers. <br />4 <br />23/87 <br />