Signs of a healthy labor market emerged from the official September jobs report, as the U.S. economy added 254,000 nonfarm payroll jobs last month, reflecting a strong improvement over August's upwardly revised figure of 159,000.
This pace of job creation sharply exceeded economist forecasts, offering fresh optimism for the labor market's resilience.
Before the September jobs report, traders were anticipating a nearly 70% chance the Federal Reserve would cut interest rates by 25 basis points in November.
Nonfarm payrolls rose from 159,000 in August to 254,000 September, surpassing forecasts of 140,000 as tracked by TradingEconomics.
The change in total nonfarm payroll employment for August was upwardly revised by 17,000 to 150,000. July payrolls were upwardly revised by 55,000, from 89,000 to 144,000.
The unemployment rate surprisingly fell from 4.2% to 4.1%, below the predicted 4.2%.
Wage growth showed some upward pressure. Average hourly earnings increased by 0.4% to $35.36 in September, surpassing predictions of 0.3%. August’s average hourly earnings were upwardly revised to 0.5%.
On a year-over-year basis, average hourly earnings rose 4%, surpassing both the previous and expected 3.8%.
| Consensus | |||
|---|---|---|---|
| Nonfarm payrolls | 254,000 | 140,000 | 159,000 (upwardly revised from 142,000) |
| Unemployment rate | 4.1% | 4.2% | 4.2% |
| Average hourly earnings (m/m) | 0.4% | 0.3% | 0.5% (upwardly revised from 0.3%) |
| Average hourly earnings (y/y) | 4% | 3.8% | 3.8% |
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