Industry News From BrokerHunter.com

Recent industry news from our partners at BrokerHunter.com

Overall:

U.S. firms cut back their hiring in September to the slowest pace since last year's terrible hurricane season, government data showed. U.S. nonfarm payrolls rose by an estimated 51,000 in September, the Labor Department said. The increase in payrolls was lower than the 123,000 rise expected by Wall Street economists surveyed by MarketWatch.
However, July and August payrolls were revised higher by a total of 62,000 jobs mitigating some of the weakness seen last month. The unemployment rate also fell to 4.6% from 4.7%.
"This pace of jobs growth is consistent with a soft land for the economy with second half growth in the range of 3 percent," according to Peter Morici, professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission.
"Modest growth, constrained wages, steady interest rates and falling energy prices will be good for corporate profits and stock prices. The stock market rally should continue, and recent Big Cap stock gains should spread into the broader market."
The Securities Industry:

Last month the SI lost 2,300 jobs as the malaise in hiring continues for a fifth straight month, as total employment continues to drift from the high point in April of this year. This brings the total hiring growth rate for the year-to-date to just a bit over 1%. Should this trend continue through December, this would make 2006 the slowest hiring year since the jobs recovery begin 3 years ago.

Demand continues, as always, for producers with transferable assets. The hiring trend reflects new hiring in the Industry, especially trainees and for certain salaried positions.