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US Labor Market Strength Continues: September Nonfarm Payrolls Soar To 336,000, Far Exceeding Estimates

Posted October 6, 2023 at 10:00 am
Piero Cingari

The jobs report published Friday continues to depict a strong picture, indicating the enduring tightness in the U.S. job market persists.

In September, non-farm payrolls (NFPs) rocketed to 336,000, marking a sharp increase from the upwardly revised August figure of 227,000 and far exceeding expectations of 170,000. It marks the strongest NFPs growth since January 2023.

The unemployment rate held steady at 3.8% in September 2023, missing expectations of 3.7%.

The rate of monthly wage growth was steady at 0.2% September, slightly below forecasts of 0.3%. On an annual basis, the growth average hourly earnings eased to 4.2%, down from August’s 4.3% and expectations of 4.3%.

Before the release of the September jobs report, the market consensus leaned toward the Federal Reserve maintaining unchanged interest rates in November, with an 80% probability assigned to this outcome.

Originally Posted October 6, 2023 – US Labor Market Strength Continues: September Nonfarm Payrolls Soar To 336,000, Far Exceeding Estimates

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