October 12, 2023
The Labor Department reported that employment in the United States increased far more than anticipated in the month of September, indicating sustained strength in the labor market despite aggressive interest rate increases by the Federal Reserve.
According to the Labor Department, there were 336,000 more jobs added to non-farm payrolls in September than had been predicted by economists, who had predicted a rise of roughly 170,000 jobs.
Additionally, there were significant upward revisions to the employment growth in the two prior months in the carefully watched Labor Department report.
The number of jobs increased by 236,000 and 227,000 in August and July, respectively, showing a net upward revision of 119,000 jobs.
With job gains reported in the leisure and hospitality, government, healthcare, professional, scientific, and technical services, and social assistance sectors, September’s employment boom indicated broad-based expansion.
Despite the significantly greater than anticipated job creation, the Labor Department reported that the unemployment rate remained at 3.8 percent in September. To 3.7 percent, it was anticipated that the unemployment rate will budge.
Because a 167,929 person increase in the labor force negated a 161,570 person increase in employment as measured by the household survey, the unemployment rate remained steady.
The Labor Department also reported that in September, the average hourly employee wage increased by $0.07, or 0.2 percent, to $33.88.
Source: RTT News
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