Job growth exceeded expectations in September, indicating the resilience of the U.S. economy despite factors such as higher interest rates, labor disputes, and political dysfunction in Washington.
The Labor Department released a highly anticipated report on Friday, stating that nonfarm payrolls increased by 336,000 for the month, surpassing the Dow Jones consensus estimate of 170,000. The unemployment rate stood at 3.8%, slightly higher than the forecasted 3.7%.
Although wage increases were slightly lower than anticipated, with average hourly earnings increasing by 0.2% for the month and 4.2% from a year ago, compared to the estimated 0.3% and 4.3% respectively.
Following the report, stock market futures took a sharp downturn and Treasury yields rose. Investors have been concerned recently that a robust economy could lead to the Federal Reserve maintaining high interest rates and potentially even raising them as inflation remains elevated.
In terms of sectors, leisure and hospitality experienced the most prominent job growth with 96,000 new positions. Other sectors that saw gains were government (73,000), healthcare (41,000), and professional, scientific, and technical services (29,000). However, there was a decline of 5,000 jobs in the motion picture and sound recording industry, with a total loss of 45,000 jobs since May due to a labor dispute in Hollywood.
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