The U.S. economy created 136,000 jobs in September and the unemployment rate fell to 3.5 percent.
Economists had expected the economy to between 120,000 and 179,000 with the consensus number at 145,000, according to Econoday. Unemployment was expected to remain unchanged at last month’s 3.7 percent.
The jobs data for the two previous months were also revised upward, indicating that the labor market was stronger over the summer than previously indicated. Employment for July was revised up by 7,000 from 159,000 to 166,000, and August was revised up by 38,000 from 130,000 to 168,000. With these revisions, employment gains in July and August combined were 45,000 more than previously reported.
The stronger numbers for July and August may also explain the slightly-below expectations figure for September since some of the growth in employment forecast for last month had already occurred.
The last time the rate was this low was in December 1969, when it also was 3.5 percent.
Watch: Travis Kelce Takes Massive Slap to the Face Mid-Game
Two Men Who Murdered Teen in ‘Satanic Ritual’ Granted Parole, Were Found Guilty After ‘Sacrificing’ a Virgin
Knife-wielding man slashes NYPD officer in face with 14-inch blade, police shoot him dead in pursuit
Serial killer claims he murdered 26 women as new documentary reveals dark secrets
California Dems Kill Bill Backed by Jay Leno That Would Have Exempted Classic Cars from Emissions Regulations
Another ‘Maryland Man’ Accused of Murdering 19-Year-Old American Woman
Russia damages Ukrainian government building in largest attack since war began
Ohio donors ditch Tim Ryan, pour nearly $220K into Vivek Ramaswamy’s governor bid
Pope declares 15-year-old computer programmer Carlo Acutis first millennial saint
OnlyFans boom on college campuses sparks concern as more students turn to platform for fast cash
Watch: Suspect Flees Traffic Stop, Doesn’t Make it Far Before K-9 Catches Up
South Korea reaches deal with US to release workers detained after immigration raid
CA Voter Illegally Registered Her Dog, Cast Its Ballot: Now She’s Facing Justice
Japanese prime minister resigns after party suffered historic defeat in summer election
Trump nominees pile up as GOP weighs rule shift once floated by Democrats
Economic data has been intensely scrutinized this week for signs of economic sluggishness after the Institute for Supply Management’s survey of manufacturing companies suggested the manufacturing sector had unexpectedly contracted for a second consecutive month. Survey data of non-manufacturing companies, however, showed that the services sector continued to expand in September. Similarly, data on private payrolls and unemployment claims suggested that the U.S. economy had cooled but was not near a recession.
September’s hiring may have been weighed down by the strike by General Motors workers, which has sidelined GM plants and likely prevented GM suppliers from hiring new workers. The latest data suggests that manufacturing held its job count near steady, shedding just 2,000 jobs during the month.
Wage growth was weak in the month. In September, average hourly earnings for all employees on private nonfarm payrolls, at $28.09, were down 1 cent, after rising by 11 cents in August. Over the past 12 months, average hourly earnings have increased by 2.9 percent. In September, average hourly earnings of private-sector production and nonsupervisory employees rose by 4 cents to $23.65.
Story cited here.
