On the first Friday of every month the employment report is released by the Bureau of Labor Statistics, providing data covering the previous month. The report contains information on unemployment, job growth and payroll data, among other statistics. The most highly anticipated and analyzed statistic is the non-farm payroll data, which represents the change in the total number of U.S. workers of any business, excluding employees of the government, private households, and non-profit organizations. This figure is heavily scrutinized as it is seen as an indicator of future economic growth and inflation.
This morning, the non-farm payroll report indicated that 136,000 jobs were added in September, below the 145,000 that was expected. While never good to miss expectations, the unemployment rate continues to fall and is currently 3.5% which is the lowest rate in 50 years! At Grow Michigan the job numbers are very important to us as we strive to facilitate economic growth and job creation in Michigan—3,000+ jobs and counting.
If you have clients with growing enterprises in need of financing, we can help.