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US employers added a surprisingly strong 336,000 jobs in September in a sign of economic resilience
Credit: IndiaTimes- Published on October 7, 2023
The US job market remains strong as employers added 336,000 jobs in September, the largest monthly increase since January. The economy has added an average of 266,000 jobs per month for the past three months, defying predictions of a recession. The unemployment rate remained steady at 3.8%. The strong job growth may lead the...
Video credit: Wibbitz Top Stories
Published on October 6, 2023 - 01:30
US Job Growth Soared in September
US Job Growth
Soared in September.
Nonfarm payrolls jumped by 336,000 in September, far exceeding Dow Jones estimates of 170,000, according to the Labor Department.
Jobs increased by over 100,000 compared to the previous month, NBC News reports. .
The unemployment rate was at 3.8%,
slightly higher than an anticipated 3.7%.
The data represents the best monthly
job numbers since January.
Slowdown? What slowdown? The U.S. labor market continues to exhibit amazing strength, with the number of new jobs created last month nearly twice as large as expected, George Mateyo, chief investment officer at Key Private Bank, via NBC News.
Wage increases were less than expected.
Average hourly earnings were only up 0.2%, compared to estimates for 0.3%.
Still, experts worry that the Federal Reserve will continue to increase interest rates.
Clearly itโs moving up expectations that the Fed is not done. All else equal, it probably moves the start point for rate cuts, which
has been a moving target, to later in 2024, Liz Ann Sonders, chief investment strategist
at Charles Schwab, via NBC News
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