US job growth surged in September, suggesting that the labour market remains strong enough for the Federal Reserve to raise interest rates this year, though wage growth is moderating.
Nonfarm payrolls increased by 336,000 jobs last month, the Labor Department said in its closely watched employment report today.
The larger-than-expected increase was despite the tendency for the initial September payrolls print to be biased lower because of seasonal adjustment issues related to the return of education workers after the summer break. Most economists do not believe that the Fed will hike rates again this year. Since March 2022, the Fed has raised its benchmark overnight interest rate by 525 basis points to the current 5.25%-5.5% range.
There was no boost from the end of a months-long strike by Hollywood actors, as they returned to work after the payrolls survey period. The unemployment rate was unchanged at an 18-month high of 3.8%. But as fewer people quit their jobs in search of greener pastures, wage growth could moderate, though recent hefty union contracts pose a risk.
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