U.S. job creation rises unexpectedly in September

U.S. hiring rose unexpectedly last month, easing fears of a sudden, sharp slowdown in the economy.

U.S. employers added 254,000 jobs in September, far more than expected, while the unemployment rate fell to 4.1% from 4.2%, the Labor Department said.

It was the largest gain since March, and well above the roughly 150,000 expected by many analysts.

President Joe Biden praised the report, one of the last major economic data voters will receive before the presidential election.

Surveys indicate that public doubts about the economy remain persistent, as a 20% price rise since 2021 weighs on confidence.

Over the past year, job growth has also slowed and the unemployment rate has increased slightly, although it remains at historically low levels.

Last month, the U.S. central bank cut interest rates by 0.5 percentage points more than usual, saying it wanted to avoid any further weakening of the labor market.

But Friday's report showed solid wage gains and allayed fears of a sudden, negative shift in the labor market.

“Overall, it’s a much better report than we expected,” said Nancy Vanden Houten, chief U.S. economist at Oxford Economics.

“If anyone was concerned that the job market was so weak that we were on the brink of a recession, this should eliminate those concerns.”

Bars and restaurants dominated hiring in September, adding 69,000 jobs, according to the report. Retailers and health care companies also reported job gains, while the manufacturing sector lost positions.

The Labor Department also updated its job creation estimates in August and July, saying employers created about 72,000 more jobs than expected.

Average hourly wages increased 4% over the past 12 months, the report found, outpacing the pace of inflation during that period.

“Today we received good news for American workers and families with more than 250,000 new jobs in September and unemployment down to 4.1%,” President Biden said.

“With today's report, we have created 16 million jobs, unemployment remains low and wages are rising faster than prices.”

However, analysts warned that September could be a weird month for data, given the start of the school year. Next month's employment figures could be affected by the Boeing strike and the damage caused by Hurricane Helene.

Analysts said they still believe the Fed will cut rates in the coming months, noting that price inflation appears to be moving back toward the bank's 2% target.

But they said stronger-than-expected job growth this month suggested the Federal Reserve would make smaller rate cuts in the future.

“They can move at a more measured pace,” Ms. Vanden Houten said.

“For them to move more aggressively again, they would have to see something really concerning…and this report certainly doesn't send that signal.”

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