Labor Dept Issues Strong Jobs Report For September

October 7, 2022 Economy, Employment

Job growth fell just short of expectations in September and the unemployment rate declined despite efforts by the Federal Reserve to slow the economy, the Labor Department reported Friday. Nonfarm payrolls increased 263,000 for the month, compared to the Dow Jones estimate of 275,000.

The unemployment rate was 3.5% vs the forecast of 3.7%. A drop of 25,000 in government jobs was a big contributor to the report missing expectations.

Hiring at the state and local level is highly seasonal, so the decline points to a report that otherwise was largely in line with expectations and shows a resilient jobs market.

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The US labor market is still going strong, adding 263,000 jobs in September https://t.co/pFxYX4hN5q

— CNN Breaking News (@cnnbrk) October 7, 2022