Market commentary

The U.S. economy lost 95,000 jobs last month versus the expectation of a loss of 5,000, reflecting the employment picture is weaker-than-expected Private payrolls were a bit better, increasing 64,000 in September (expected to be +75,000) and August’s figures were revised 27,000 higher. The pace of private job growth, however, has dropped from +117,000 in July to +93,000 in August to +64,000 in September. The government lost more jobs than expected; mostly census workers but some local and state government workers, and the unemployment rate remained unchanged at 9.6%.

According to a Bloomberg report, 41.8 million people in the U.S. are receiving food stamps, 13.5% of the population. Food stamps now account for 12% of all retail food and beverage sales, up from 6% three years ago. Mississippi, Tennessee, and Washington D.C. all have rates of use above 20%.

The bond market has improved slightly from the close on Thursday, and mortgage pricing is slightly better.

Remember, Monday is the Columbus Day holiday and will not count as a rescission day.