(Photo by Jacob Wackerhausen)
The September U.S. jobs report exceeded expectations by adding a strong 254,000 jobs, well above the consensus forecast of 140,000.
The unemployment rate declined to 4.1% from 4.2% in August.
The private sector led the charge with the addition of 223,000 jobs, including 78,000 in leisure and hospitality, 45,000 in health care, and 25,000 in construction. Food services and drinking places added 69,000 positions, more than four times the average monthly gain of 14,000, although manufacturing lost 7,000 jobs.
Wage growth also has been positive. Average hourly earnings increased 4% the past year, indicating that the job market is growing in quality as well as quantity, putting more money in workers’ pockets.
The average monthly job growth over the past three months has been 186,000, indicating sustained momentum. Acting U.S. Labor Secretary Julie Su said this consistent growth shows that the economy remains on solid ground.
Long-term unemployment remains stable, and the labor force participation rate held steady in September at 62.7%.
The September report showcases an economy that is continuing to grow, providing a positive outlook for the coming months and reinforcing confidence in the job market’s resilience and vitality.
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