© 2024 Connecticut Public

FCC Public Inspection Files:
Public Files Contact · ATSC 3.0 FAQ
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

The job market was stunningly strong in September

A customer walks by a "Now Hiring" sign posted in front of a store in Novato, Calif., on April 7, 2023.
Justin Sullivan
Getty Images
A customer walks by a "Now Hiring" sign posted in front of a store in Novato, Calif., on April 7, 2023.

The job market is proving to be far stronger than expected.

Hiring unexpectedly surged last month, as U.S. employers added 336,000 jobs, much stronger than the around 170,000 jobs that forecasters had expected.

That's good news for people looking for work but could complicate the Federal Reserve's efforts to curb inflation.

Job gains for July and August were also revised substantially higher. Meanwhile, the unemployment rate last month held steady at 3.8%.

All in all, the data showcases a labor market that continues to defy expectations, with big job gains in health care, hospitality and education.

Factories and construction companies also continued to add workers, despite the strain of high interest rates.

While the tight job market could be worrisome for the Fed, policymakers are likely to be encouraged by the slowdown in wage growth to 4.2% in September from a year ago.

Copyright 2023 NPR. To see more, visit https://www.npr.org.

Scott Horsley is NPR's Chief Economics Correspondent. He reports on ups and downs in the national economy as well as fault lines between booming and busting communities.

Stand up for civility

This news story is funded in large part by Connecticut Public’s Members — listeners, viewers, and readers like you who value fact-based journalism and trustworthy information.

We hope their support inspires you to donate so that we can continue telling stories that inform, educate, and inspire you and your neighbors. As a community-supported public media service, Connecticut Public has relied on donor support for more than 50 years.

Your donation today will allow us to continue this work on your behalf. Give today at any amount and join the 50,000 members who are building a better—and more civil—Connecticut to live, work, and play.

Related Content