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:

  • @Pohl
    link
    01 year ago

    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.

    • @[email protected]
      link
      fedilink
      11 year ago

      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.