More Americans have jobs than ever before
The US added another 254,000 jobs in September, way ahead of expectations
The Bureau of Labor Statistics’ nonfarm payrolls data reported that the US economy found itself with a blockbuster 254,000 new jobs in September, blowing past economists’ estimates for 150,000 new jobs, as the US labor market continues to make gains after the pandemic’s unprecedented upheaval.
Although it dampens the case for a bigger rate cut at the next Federal Reserve decision, the stock market unequivocally liked the news — the S&P 500 Index rose on Friday, adding to its ~5% gains over the last month, while Treasury yields and the US dollar also rose.
We can work it out
The payroll gain was led by employment in food services and drinking places, which added around 69,000 employees in September. The Healthcare sector also contributed notably, gaining some 45,000 jobs in the month. The number of job losers also declined by 95,000 last month, and the unemployment rate marginally dropped down from 4.2% in August to 4.1% in September. Prior to the publication, economists had anticipated a continued slowdown in the US economy.
The news means that 159.1 million Americans are now employed in America — the most on record per BLS data.
