Overview
- Employers added 119,000 jobs in September, beating the roughly 50,000 increase economists expected.
- The unemployment rate rose to 4.4% from 4.3% as about 470,000 people entered the labor force and not all found jobs immediately.
- Revisions reduced July–August payrolls by a net 33,000, with August now recorded as a loss of 4,000 jobs instead of a gain.
- More than 87% of September job growth came from healthcare and social assistance along with leisure and hospitality, signaling narrow hiring breadth.
- Average hourly earnings increased 0.2% month over month and 3.8% year over year, figures markets and the Federal Reserve are assessing ahead of the December meeting.