ECONOMY
US Adds 336,000 Jobs In September Hiring Surge
Bureau of Labor Statistics
The U.S. economy added 336,000 jobs in September, after adding 187,000 in August, according to the September jobs report released Friday by the Bureau of Labor Statistics.
Unemployment remained at 3.8% in September, unchanged from August, after hovering between 3.4% and 3.7% for more than a year before that. The number of unemployed people held steady at 6.4 million.
Employment in leisure and hospitality shot up, with 96,000 jobs added in September, above the average monthly gain of 61,000 over the prior 12 months. Employment in food services and drinking places rose by 61,000, returning to pre-pandemic February 2020 levels, the agency said.
Accommodation employment continued to trend up in September, adding 16,000 jobs, but remains below February 2020 levels by 217,000 jobs, or about 10%.
Government employment increased by 73,000 jobs in September, above the average monthly gain of 47,000 over the past 12 months, but still about 9,000 below February 2020 levels. About 29,000 jobs were added in state government education, and 27,000 in local government, excluding education, the agency said.
Average hourly earnings for all workers on private, nonfarm payrolls rose by 7 cents in September, to $33.88, the agency said.
The figures show continued resilience in the labor market, despite elevated interest rates.
The Federal Reserve last month decided to hold interest rates steady after 18 months of aggressive hikes, citing progress in its battle against inflation.
The Federal Reserve last month decided to hold interest rates steady after 18 months of aggressive hikes, citing progress in its battle against inflation.
The central bank maintained the target range for the federal funds rate at 5.25% to 5.5%. In a statement announcing the decision, the Fed said although inflation remained above its target of 2%, job gains had slowed.
But a hotter hiring environment could lead to another rate hike when the Federal Open Market Committee meets again on Oct. 31. The Fed said it will be looking at consumer prices and jobs data to determine whether further rate hikes are needed to combat inflation.
“We want to see convincing evidence really that we have reached the appropriate level, and were seeing progress and we welcome that. But, you know, we need to see more progress before well be willing to reach that conclusion,” Federal Reserve Chair Jerome Powell said at a press conference announcing September decision.
TMX contributed to this article.
