The number of US jobs surged more than expected last month, fuelling expectations that interest rates could rise further.
Employers added 336,000 jobs in September, almost double the 170,000 estimated, according to figures released by the Labor Department.
Data for August was also revised higher to show 227,000 jobs were created instead of 187,000 previously reported.
Data for August was also revised higher to show 227,000 jobs were created instead of 187,000 previously reported.
The leisure and hospitality sector added 96,000 jobs alone in September, above the average monthly gain, with employment in food services and bars rising by by 61,000 over the month and returning to pre-pandemic levels.
But while job numbers surged, monthly wage growth remained moderate in September, with average hourly earnings rising 4.2% in the 12 months to September.
Last month, the US central bank kept its key interest rate unchanged as it considers whether it has done enough to stabilise inflation, which is the rate prices rise at.
The Federal Reserve’s rate target at 5.25%-5.5% is the highest level in more than two decades. The bank has raised borrowing costs from near zero in March 2022 in a bid bring rising prices under control.
But the jobs market’s resilience in the face of the Federal Reserve’s attempts to cool down the economy has led to suggestions interest rates could remain tight for some time.
The number of US jobs surged more than expected last month, fuelling expectations that interest rates could rise further.
Data for August was also revised higher to show 227,000 jobs were created instead of 187,000 previously reported.
Employers added 336,000 jobs in September, almost double the 170,000 estimated, according to figures released by the Labor Department.
The leisure and hospitality sector added 96,000 jobs alone in September, above the average monthly gain, with employment in food services and bars rising by by 61,000 over the month and returning to pre-pandemic levels.
Data for August was also revised higher to show 227,000 jobs were created instead of 187,000 previously reported.
Data for August was also revised higher to show 227,000 jobs were created instead of 187,000 previously reported.
The leisure and hospitality sector added 96,000 jobs alone in September, above the average monthly gain, with employment in food services and bars rising by by 61,000 over the month and returning to pre-pandemic levels.
But while job numbers surged, monthly wage growth remained moderate in September, with average hourly earnings rising 4.2% in the 12 months to September.
Last month, the US central bank kept its key interest rate unchanged as it considers whether it has done enough to stabilise inflation, which is the rate prices rise at.
The Federal Reserve’s rate target at 5.25%-5.5% is the highest level in more than two decades. The bank has raised borrowing costs from near zero in March 2022 in a bid bring rising prices under control.
But the jobs market’s resilience in the face of the Federal Reserve’s attempts to cool down the economy has led to suggestions interest rates could remain tight for some time.
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