In September, there was a significant surge in job growth in the United States, indicating the continued strength of the labor market and supporting the possibility of the Federal Reserve raising interest rates later this year, although wage growth is showing signs of moderation.

According to the Labor Department’s highly anticipated employment report released on Friday, nonfarm payrolls saw an increase of 336,000 jobs last month.

Moreover, the data for August was revised upward, showing the addition of 227,000 jobs, as opposed to the previously reported 187,000, Reuters reported.

Economists surveyed by Reuters had predicted a gain of 170,000 jobs in payrolls, with estimates ranging from 90,000 to 256,000 jobs.

The larger-than-expected increase is noteworthy, especially considering that the initial September payrolls figure typically tends to be lower due to seasonal adjustments related to the return of education workers after the summer break.

Written by staff