26.2 C
Friday, December 8, 2023

U.S Jobs Surge By 336,000, Unemployment At 3.8% In September

Must read

- Advertisement -
Listen now

U.S job growth surged in September with nonfarm payrolls increasing by 336,000 jobs last month, a Bureau of Labor Statistics report showed on Friday.

Data for August was updated to reflect 227,000 employment additions, an increase of 40,000 from the previous estimate, and July’s gain increased from 157,000 to 236,000. The two months as a whole exceeded earlier estimates by 119,000.

The U.S unemployment rate remained unchanged at an 18-month high of 3.8%, compared to the forecast for 3.7%.

Leisure and hospitality led the way in terms of sector growth with 96,000 new employment. Government (73,000), healthcare (41,000), and professional, scientific, and technological services (29,000) were among the other gainers. Jobs in the film and sound recording industries decreased by 5,000 amid the Hollywood writers’ strike, bringing the total number of jobs lost since May to 45,000.

The overall number of jobs increased by 234,000 in the service sector, while just 29,000 in the manufacturing sector. The leisure and hospitality sector’s average hourly wages were unchanged from the previous month but increased 4.7% from the previous year.

The increase in private sector payrolls, which totaled 263,000, outpaced an earlier this week ADP report that predicted an increase of only 89,000.

Following a 0.2% increase in August, monthly pay growth remained mild at a pace of 0.2% for average hourly earnings. Wages grew 4.2% in the year to September after rising 4.3% in August.

The 3.5% rate that experts claim is consistent with the Fed’s 2% inflation target is still being exceeded by wage growth.

The 10-year Treasury yield increased by 0.17 percentage points to 4.87%, rising to close to its highest levels since the beginning of the financial crisis, while Dow futures declined by more than 250 pints.

- Advertisement -

More articles


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -spot_img

Latest article