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.

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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 it’s 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