Nonfarm payrolls were expected to increase by 170,000 in September, according to the Dow Jones consensus estimate.
Nonfarm payrolls increased by 336,000 for the month, better than the Dow Jones consensus estimate for 170,000.
Investors have been on edge lately that a resilient economy could force the Federal Reserve to keep interest rates high and perhaps even hike more as inflation remains elevated. "Clearly it's moving up expectations that the Fed is not done," said Liz Ann Sonders, chief investment strategist at Charles Schwab. "All else equal, it probably moves the start point for rate cuts, which has been a moving target, to later in 2024."
Service-related industries contributed 234,000 to the total job growth, while goods-producing industries added just 29,000. Average hourly earnings in the leisure and hospitality industry were flat on the month, though up 4.7% from a year ago.
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