The delayed September jobs report finally dropped this morning, giving the first real look at the labor market since the government shutdown. The numbers were better than expected in some areas and worse in others, which leaves a muddy picture heading into the Federal Reserve’s next meeting.

Job Growth Beats Expectations

The U.S. economy added 119,000 jobs in September. That is a solid rebound from August, which was revised down to a loss of 4,000 jobs.
Healthcare led the way with 43,000 new positions, while transportation and warehousing dropped 25,000.

Unemployment Ticks Up

The unemployment rate moved up to 4.4 percent, the highest since October 2021. The increase came as more Americans reentered the labor force to look for work.

Average hourly earnings rose 9 cents, with year-over-year pay up 3.8 percent.

Previous Months Revised Down

July and August were revised down by a combined 33,000 jobs, showing that hiring was weaker than originally reported. That revision takes some of the shine off today’s headline number.

What It Means Ahead of the Fed Meeting

This is the only labor market report the Federal Reserve will have before its December 9 to 10 meeting. The mix of stronger job creation and higher unemployment keeps the outlook murky. Economic momentum is still there, but the labor market is slowing under the surface.

The full BLS report is embedded below:

Written by SHR Media Staff
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