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Sectors which added most jobs in the US do not pay much - BNP Paribas

FXStreet (Łódź) - BNP Paribas economist Alexandra Estiot observes that event though today's US NFP gains were substantial, the sectors in which the biggest increase was seen are also the ones that do not pay much.

Key quotes

"Over the month, non-farm payrolls gained 248kwith July and August data revised upwards to 243k and 183k, respectively. In a normal situation that would be healthy reading."

"In the current one, it remains very far from what would be needed to close the slack."

"As for the 'quality' of jobs created, most positions were added in low-pay sectors, as leisure and hospitality (USD13.98 per hour), trade and transport (USD21.44per hour)."

"Still, this report also brings good news. Our view is that the main one is in the acceleration of hiring in the business services industry."

"This sector added 81k positions in September while it represents the bulk of the July and August upward revision."

"Another good news come from the State and local governments, which added 14k positions, mostly in education."

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