US employers added a surprisingly strong 336,000 jobs in September in a sign of economic resilience
US employers added a surprisingly strong 336,000 jobs in September in a sign of economic resilience
WASHINGTON (AP) — US employers added 336,000 jobs in September, an unexpectedly robust gain and the largest monthly rise since January, evidence that many companies remain confident enough to keep hiring despite high-interest rates and a hazy outlook for the economy.
Last month's job growth jumped from a 227,000 increase in August, which was revised sharply higher. July's gain was also more than had been initially estimated. The economy has now added an average of 266,000 jobs a month for the past three months, a streak that could make it likelier that the Federal Reserve will raise its key rate again before year's end as it continues its drive to tame inflation.
Friday’s report from the Labor Department also showed that the unemployment rate was unchanged at 3.8%, not far above a half-century low.
The job market has defied an array of threats this year, notably high inflation and the rapid series of Fed interest rate hikes that were intended to conquer it. Though the Fed’s hikes have made loans much costlier, steady job growth has helped fuel consumer spending and kept the economy growing, defying long-standing predictions of a forthcoming recession.