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MNI BRIEF: September US Jobs Surge Unexpectedly; U-Rate 3.8%

Photo by Jeriden Villegas on Unsplash

U.S. employers added 336,000 new jobs in September, nearly double Wall Street expectations, while hiring in August and July were revised substantially higher by another 119,000. The unemployment rate was steady at 3.8%.

The stronger than expected data should keep a final quarter-point hike on the table for the FOMC, which meets next Oct. 31-Nov. 1. The dollar strengthened and the 10-year Treasury yield shot back to 4.8%, while U.S. stock futures fell. (See: MNI INTERVIEW: Fed's Fujita Sees Signs of Jobs Soft Landing)

Job gains were led by leisure and hospitality (96,000), government (73,000) and health care (41,000). Employment in food services and drinking places has returned to its pre-pandemic February 2020 level, the BLS noted. The household survey showed less strength, with the number of employed people rising just 86,000 in September and no change in the participation rate.

Average hourly earnings growth continued to slow to 0.207% for the month, down from 0.237% in August, and the yearly pace of 4.15% was the lowest since June 2021.

MNI Washington Bureau | +1 202-371-2121 |
MNI Washington Bureau | +1 202-371-2121 |

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