263,000 Jobs Added in September, Unemployment Down to 3.5%
Summary from the AllSides News Team
The U.S. Bureau of Labor released their September jobs report on Friday. The report stated that 263,000 jobs were added during the month, and unemployment dropped to 3.5%, tying the lowest level in half a century. The largest growth was seen in the hospitality industry, which added 83,000 jobs last month, and the healthcare industry, which added 60,000 jobs. Additionally, the report detailed an increase in hourly wages, growing 0.3% in September to $32.46 an hour.
The strong labor market stroked fears among investors of additional interest rate hikes by the Federal Reserve in their continued efforts to quell inflation. The positive jobs report resulted in stocks losing ground after a week of gains as investors prepare for more interest hikes. Next week, the September consumer price report is releasing, which will offer insight on current inflation levels.
Unemployment figures are calculated by the percentage of Americans who do not have a job but are actively seeking one. Unemployed individuals not currently seeking jobs due to health, retirement, or other factors are not accounted for in the percentages.
The report from the Bureau of Labor was covered by business outlets widely on Friday. Across the spectrum, outlets framed the report in relation to how it would impact stocks, predicting the positive report would solidify a fourth spike in interest rates next month.
Featured Coverage of this Story
From the Right
September jobs report could solidify another super-sized Fed rate hike
U.S. job growth softened in September for the second straight month, but hiring likely remained healthy enough for the Federal Reserve to approve another jumbo interest rate hike when it meets in November.
Employers added 263,000 jobs in September, the Labor Department said in its monthly payroll report released Friday, beating the 250,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, unexpectedly dropped to 3.5%, matching a five-decade low, from 3.7% the previous month.
Average hourly earnings also continued to rise, climbing 0.3% in September, to $32.46 an hour.
From the Left
Another month of solid US hiring suggests more big Fed hikes
America’s employers slowed their hiring in September but still added 263,000 jobs, a solid figure that will likely keep the Federal Reserve on pace to keep raising interest rates aggressively to fight persistently high inflation.
Friday’s government report showed that hiring fell from 315,000 in August to the weakest monthly gain since April 2021. The unemployment rate dropped from 3.7% to 3.5%, matching a half-century low.
The Fed is hoping that a slower pace of hiring would eventually mean less pressure on employers to raise pay and pass those costs...
From the Center
U.S. job growth strong in September as labor market forges ahead
U.S. employers hired more workers than expected in September, while the unemployment rate dropped to 3.5%, pointing to a tight labor market which keeps the Federal Reserve on its aggressive monetary policy tightening campaign for a while.
Though the 0.2 point decline in the jobless rate from 3.7% in August was partly because of people leaving the workforce, the Labor Department's closely watched employment report on Friday also showed fewer Americans working part-time for economic reasons last month. The labor market continues to show resilience despite the Fed's stiff interest...
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