The US labor market showed unexpected strength in September, adding significantly more jobs than anticipated and seeing a drop in the unemployment rate, surpassing Wall Street’s expectations.
According to data released Friday by the Bureau of Labor Statistics, the economy added 254,000 jobs in September, far exceeding economists' forecast of 150,000. The unemployment rate also declined, falling to 4.1% from 4.2% in August. This followed the revised addition of 159,000 jobs in August.
Wage growth, a key indicator of inflationary pressures, accelerated to a 4% year-over-year increase, up from 3.9% in August. On a monthly basis, wages rose by 0.4%, consistent with the previous month's increase.
Friday’s report also indicated that labor force participation remained steady at 62.7%.
The critical question ahead of the report was whether the labor market would show signs of a significant slowdown, potentially influencing the Federal Reserve to enact a large ...
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