Employers added an estimated 254,000 jobs in September, exceeding economists’ expectations and reflecting a significant bounce-back from August’s revised 159,000 figure.
The unemployment rate dropped to 4.1%, according to the Bureau of Labor Statistics (BLS) report.
Economist Brian Bethune from Boston College noted that the latest job figures indicate the economy is still on a path of expansion, bolstering hopes for a “soft landing” — curbing inflation without causing a recession.
Job gains were driven by robust hiring in service sectors, particularly health care (+71,700) and leisure and hospitality (+78,000), while goods-producing industries, such as manufacturing, saw a slight loss of 7,000 jobs.
Despite this, construction added 25,000 positions, exceeding pre-pandemic hiring trends. The Federal Reserve is monitoring employment data closely as it works to protect the labor market while maintaining control over inflation.
Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.
