Morning Brief

September Jobs Report, Spirit Airlines tumbles, US dockworkers strike update

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The highly-anticipated employment report for September showed the US added 254,000 jobs in the month. Economists expectations were for 150,000 jobs were added, based on estimates compiled by Bloomberg. The unemployment rate ticked lower to 4.1% The report calls into question what comes next from the Federal Reserve as its focus shifts from fighting inflation to keeping employment strong.

  • US stocks (^DJI,^GSPC, ^IXIC) were trading higher after the September jobs report came in stronger than expected.
  • The three-day port strike has ended with the International Longshoremen's Association (ILA) and the U.S. Maritime Alliance reaching a tentative agreement. The preliminary deal, which includes a 62% pay raise for workers over a six-year period, only suspends the strike until January 15, 2025, allowing more time for negotiations.
  • Spirit Airlines (SAVE) stock is in focus as shares tumble on reports that the discount airline is in discussions about potential bankruptcy. US Transportation Secretary Pete Buttigieg discusses what Spirit's potential collapse could mean for the airline industry.

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