US economy gains 661,000 payrolls, unemployment rate ticks down to 7.9%

The US economy saw another 661,000 jobs added back in September and a modest improvement in the unemployment rate, as the recovery in the labor market continues at a stagnating rate.

The Labor Department released its September jobs report Friday morning. Here were the main metrics from the release, compared to consensus estimates compiled by Bloomberg.

  • Change in non-farm payrolls: +661,000 vs. +859,000 expected and +1.489 million in August

  • Unemployment rate: 7.9% vs. 8.2% expected and 8.4% in August

  • Average hourly earnings, month over month: 0.1% vs. 0.2% expected and 0.3% in August

  • Average hourly earnings, year over year: 4.7% vs. 4.8% expected and 4.6% in August

  • Labor force participation rate: 61.4% vs. 61.9% expected and 61.7% in August

The addition in non-farm payrolls marked the fifth straight month of net job gains. July’s payroll gains were upwardly revised by 27,000 to 1.761 million, and August’s were revised up by

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Fintechs Should Sell Financial Health, Not Financial Services

New Technology For A New Financial Sector

In the UK, last year’s report on “Consumer Priorities for Open Banking” by Faith Reynolds and Mark Chidley (which is, by the way, an excellent piece of work and well worth reading) set out just why it is that open banking by itself delivers quite limited benefits for consumers. They point towards a future of open finance (and, indeed, open everything else as well) and talk about an industry that uses the new technologies of artificial intelligence, APIs, digital identity and so on to take a more complete view of a customer’s situation and provide services that increase the overall financial health of that customer. I thought this was a very interesting way of creating a narrative for the next-generation of fintech and techfin propositions.

Fintechs should stop providing financial services and start providing financial health. This may seem to be just another

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Michael Jordan’s New NASCAR Venture Is Another Slam-Dunk Business Move

For most people, being a billionaire, Hall of Famer, greatest-of-all-time player, NBA franchise owner, brand owner and sometime actor would be enough to fill up a day. Not for Michael Jordan.

Michael Jordan standing posing for the camera

© Pool | Getty Images

Last Monday, news broke that MJ teamed up with NASCAR stars Denny Hamlin and Bubba Wallace to form a new NASCAR team. It’s not a headline you might expect. But in 2020, it actually fits perfectly. 

“Historically, NASCAR has struggled with diversity, and there have been few Black owners…the timing seemed perfect,” Jordan said in a press release announcing the partnership. With the news, he will become the first Black principal owner of a NASCAR squad since Wendell Scott in the early ‘70s. 

Jordan — worth $2.1 billion according to Forbes — has enough money to last a lifetime. Yet, his willingness to forge ahead for new audiences is striking. Perhaps because to him,

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