The U.S. added a whopping 336,000 jobs in September and the unemployment rate stayed even at 3.8 percent, according to data released Friday by the Labor Department.
The September jobs report far exceeded expectations after several months of slowing employment gains.
Economists projected the U.S. to have added 170,000 jobs last month, according to consensus estimates, and knock the jobless rate down to 3.7 percent. The U.S instead added nearly twice that number without making a dent in the unemployment rate.
The US also added 119,000 more jobs than previously reported in July and August, according to revisions released by the Labor Department on Friday.
The surprisingly strong September jobs report followed several months of shrinking job gains, rising unemployment and other signs of an economic slowdown.
While the September jobs surge may be good news for Americans wary of a recession, it poses a new challenge for the Federal Reserve as it plots the next steps in its battle against inflation.
[UPDATE] Links to the actual report in case you want to read it:
Bidenomics at work, bringing the jobs back to the ungrateful American people🫡
I wonder how many were recently hired to build the border wall?
At least six.
The Fed is posturing to raise interest rates directly because this is more jobs than they expected. Can’t let those poors get too much, the QOL is not going to increase because of this job boom, the interest rate is.
Mary Daly at the fed
“If we continue to see a cooling labor market and inflation heading back to our target, we can hold interest rates steady and let the effects of policy continue to work,”
They tell you in plain language what they’re trying to do with the rate hikes, and if that labor market isn’t cooling what do you think is gonna happen? Yall downvote anything that doesn’t fit your ‘Biden is always right and everything around him is good’ perception.
Companies are able to add this many jobs even with higher interest rates because they are still flush with cash from decades of low interest rates, lobbying, income inequality and PPE loans.
Raising interest rates forces companies to spend their own capital to add these jobs instead of using money that the Federal Reserve prints to keep the interest rate low.
Raising interest rates sucks in the short term but it is required in the long term and severely overdue.
We can’t print free money forever just to have low interest rates.
I want to see interest rates at double digits, NOW!
That would be like taking a whole bottle of prescription pills at once to get better now instead of taking them as prescribed.
Tbf, it’d be awfully funny to watch.
Tempted to just down vote and move on. But, you are very right about the feds intentions. They are terrified of wage growth. There is a school of macroeconomists who think wage growth is essentially locking in inflation and is the scariest thing that can happen in an inflationary environment. They are idiots and it seems not to have occurred to them that we could have an actual labor shortage and wages just have to go up per supply and demand.
Anyway your last paragraph is some bonkers bullshit. The executive branch and the president specifically is not in control of the federal reserve and in fact by design is meant to have limited influence on the actions of the fed governors. Also, this entire thread is people twisting themselves in knots to ignore good news for workers so they can maintain their view that Biden is fucking up.
Nowhere did I claim Biden was fucking up, only they people defend everything around him for no reason. This is good news for workers, what we’re upset about that the fed is going to make it our problem so that any benefits are barely going to be felt by us. The unemployment number didnt even move so its not like less people are out of work now too. The economy grew due to worker effort and now were gonna get slapped with higher rates for it.