Devoted to understanding the basics and fundamentals of investing

Good news was abound in the job market this morning as the August nonfarm payrolls number, which was initially reported at a loss of 4,000 jobs last month was revised upward to 89,000 jobs created. Also, the new number from September came in at 110,000 jobs created in the month, 10,000 more than the average estimate by economists.

The unemployment rate in September rose to 4.7% as expected by economists. The average workweek held steady at 33.8 hours. Average hourly earnings rose 0.4% in September.

If we take a look inside the jobs report we can see what areas contributed to this turnaround. Manufacturing jobs actually fell by 18,000 in September and construction jobs fell by 33,000. The strongest areas were healthcare, food-service, and government related positions. The healthcare sector added 33,000 jobs, the food-service sector 25,000, and the public education sector drove the revisions upward in August.

This number does a lot to help lessen recessionary fears in the short-term. The futures for the U.S. stock market seem to love this number as stocks look to open much higher on the day. Also, the U.S. Dollar is sharply higher in today's trading, with many investors thinking that the chance that the economy is already falling into a recession just got much smaller.

The so called "goldilocks" economy idea got a nice boost from today's numbers, since they were not too hot, but they certainly show a substantial rebound from last month's initial indications.

This number seems to have something for everyone in it, and though the bears could point to inflation risks in the hourly earnings and the loss of manufacturing jobs, one has to think that on the whole this is a positive number for the market.