The U.S. labor market showed surprising strength in September 2024, with the creation of 254,000 non-farm jobs, a significant increase compared to the 159,000 jobs in August. This growth was higher than expected by analysts, who anticipated an addition of 150,000 jobs. The report from the Department of Labor revealed that the unemployment rate fell to 4.1%, reflecting a continued improvement in the U.S. economy.
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Upward revisions for previous months also provided positive signals, suggesting that the labor market remains strong. In particular, the August data was revised upward by 17,000 jobs, while July’s addition was much stronger, with 55,000 more jobs than initially reported.
Wages also increased considerably, with a monthly rise of 0.4%, which represented a 4% increase compared to the same month last year. These results exceeded analysts’ expectations, who projected only a 0.3% monthly increase and a 3.8% annual increase. The average workweek also slightly dropped, decreasing by 0.1 hours, with an average of 34.2 hours.
The hospitality industry was the largest driver of job growth in September, adding 69,000 positions, marking a significant improvement compared to the average of 14,000 monthly jobs over the past 12 months. Additionally, the healthcare sector, which has been a consistent leader in U.S. job creation, contributed 45,000 jobs, while the government added 31,000 jobs and the construction sector added 25,000.
These figures suggest that the U.S. economy continues to expand, with a healthy labor market that could influence future decisions by the Federal Reserve regarding interest rate cuts. This optimistic report reinforces the outlook for a stable economy and sustained job growth in the country.
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