The United States economy added 119,000 jobs in September, far exceeding the forecast of 50,000 jobs. This figure is based on the first employment report since the 44-day government shutdown. The August figure was revised down to a loss of 4,000 jobs, while July was also revised lower.
The unemployment rate rose to 4.4%, the highest level in three years, indicating continued weakness in the labor market despite the return to positive job growth.
Wage growth remained moderate with hourly earnings increasing by 0.2% month-over-month and 3.8% year-over-year. These readings were mixed with market expectations, where the monthly increase was lower but the annual increase was slightly higher.
The report ended the period without data due to the government shutdown, which had affected investors’ and policymakers’ ability to assess economic momentum. The lack of data had added uncertainty regarding the Federal Reserve’s monetary policy direction.
The re-release of labor data is expected to help the market and the Fed gain a clearer picture of economic strength, especially ahead of the important policy meeting in December.
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