{"id":1283013,"date":"2023-10-06T15:38:32","date_gmt":"2023-10-06T14:38:32","guid":{"rendered":"https:\/\/www.businesstelegraph.co.uk\/us-economy-added-336000-jobs-in-september-surpassing-expectations\/"},"modified":"2023-10-06T15:38:32","modified_gmt":"2023-10-06T14:38:32","slug":"us-economy-added-336000-jobs-in-september-surpassing-expectations","status":"publish","type":"post","link":"https:\/\/www.businesstelegraph.co.uk\/us-economy-added-336000-jobs-in-september-surpassing-expectations\/","title":{"rendered":"US economy added 336,000 jobs in September surpassing expectations"},"content":{"rendered":"<p> <script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- newscabal uk text -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:728px;height:90px\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"3688094655\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p class=\"dcr-1kas69x\">The US workforce added 336,000 jobs last month, much more than expected, as the world\u2019s largest economy remained resilient in the face of higher interest rates.<\/p>\n<figure id=\"789784bf-79cb-443d-844e-8b9ad0451b96\" data-spacefinder-role=\"richLink\" data-spacefinder-type=\"model.dotcomrendering.pageElements.RichLinkBlockElement\" class=\" dcr-11ra563\"><gu-island name=\"RichLinkComponent\" priority=\"feature\" deferuntil=\"idle\" props=\"{&quot;richLinkIndex&quot;:1,&quot;element&quot;:{&quot;_type&quot;:&quot;model.dotcomrendering.pageElements.RichLinkBlockElement&quot;,&quot;url&quot;:&quot;https:\/\/www.theguardian.com\/business\/2023\/may\/05\/us-economy-april-jobs-growth-interest-rates&quot;,&quot;text&quot;:&quot;US employers added 253,000 jobs in April showing jobs market remains robust&quot;,&quot;prefix&quot;:&quot;Related: &quot;,&quot;role&quot;:&quot;richLink&quot;,&quot;elementId&quot;:&quot;789784bf-79cb-443d-844e-8b9ad0451b96&quot;},&quot;ajaxUrl&quot;:&quot;https:\/\/api.nextgen.guardianapps.co.uk&quot;,&quot;format&quot;:{&quot;display&quot;:0,&quot;theme&quot;:0,&quot;design&quot;:0}}\" config=\"{&quot;renderingTarget&quot;:&quot;Web&quot;}\"\/><\/figure>\n<p class=\"dcr-1kas69x\">The sharp acceleration in hiring saw non-farm payrolls rise during September by almost double the rate anticipated by economists. Readings for July and August were also revised higher, with 236,000 and 227,000 jobs added, respectively.<\/p>\n<p class=\"dcr-1kas69x\">Employment growth had been fading in recent months, according to official data, but remained largely resilient while the Federal Reserve battled to get inflation under control. This bolstered hopes that the central bank will manage to guide the <a href=\"https:\/\/www.theguardian.com\/business\/useconomy\" data-link-name=\"in body link\" data-component=\"auto-linked-tag\">US economy<\/a> to a so-called \u201csoft landing\u201d, where price growth normalizes and recession is avoided.<\/p>\n<p><gu-island name=\"InteractiveBlockComponent\" priority=\"critical\" deferuntil=\"visible\" props=\"{&quot;url&quot;:&quot;https:\/\/interactive.guim.co.uk\/uploader\/embed\/2023\/10\/archive-zip\/giv-13425TNm5sQnabES7\/&quot;,&quot;scriptUrl&quot;:&quot;https:\/\/interactive.guim.co.uk\/embed\/iframe-wrapper\/0.1\/boot.js&quot;,&quot;alt&quot;:&quot;Monthly change in US jobs&quot;,&quot;format&quot;:{&quot;display&quot;:0,&quot;theme&quot;:0,&quot;design&quot;:0},&quot;elementId&quot;:&quot;0fdabeb5-32e0-4f73-ad46-868fd00a3d69&quot;,&quot;isMainMedia&quot;:false}\" config=\"{&quot;renderingTarget&quot;:&quot;Web&quot;}\"><\/p>\n<figure id=\"0fdabeb5-32e0-4f73-ad46-868fd00a3d69\" data-alt=\"Monthly change in US jobs\" data-cypress=\"interactive-element-Monthly%20change%20in%20US%20jobs\" data-spacefinder-role=\"inline\" class=\"element element-interactive element--inline element-inline dcr-jise44\"><a data-name=\"placeholder\" href=\"https:\/\/interactive.guim.co.uk\/uploader\/embed\/2023\/10\/archive-zip\/giv-13425TNm5sQnabES7\/\" class=\"dcr-1eupayo\">Monthly change in US jobs<\/a><\/figure>\n<p><\/gu-island><\/p>\n<p class=\"dcr-1kas69x\">The closely watched monthly report is seen on Wall Street and in Washington as a key indicator of the health of the US economy. It excludes farms because of seasonal variation.<\/p>\n<p class=\"dcr-1kas69x\">The headline unemployment rate held firm at 3.8% last month. The leisure and hospitality sectors helped drive the jump in payrolls growth, adding 96,000 jobs. Government employers also added 73,000 jobs.<\/p>\n<p class=\"dcr-1kas69x\">The news comes as policymakers at the Fed prepare to meet on Halloween for their latest rate-setting meeting. They are expected to hold rates steady. When officials convened last month, documents released by the central bank revealed that they on average expected unemployment would rise to 4.1% next year, down from a median projection of 4.5% earlier this year.<\/p>\n<p class=\"dcr-1kas69x\">The latest report \u201csuggests the labour market is enjoying a soft landing\u201d, Paul Ashworth, chief North America economist at Capital <a href=\"https:\/\/www.theguardian.com\/business\/economics\" data-link-name=\"in body link\" data-component=\"auto-linked-tag\">Economics<\/a>, said. \u201cThe surprisingly strong 336,000 increase in non-farm payrolls in September adds to the evidence on real activity that the economy is holding up well despite the headwind from higher interest rates.\u201d<\/p>\n<p class=\"dcr-1kas69x\">Benchmark 10-year US treasury yields hit their highest levels in 16 years following the release, and leading share indices declined on Wall Street, as investors considered whether the Fed would raise rates further in the months ahead.<\/p>\n<p class=\"dcr-1kas69x\">Jerome Powell, the central bank\u2019s chair, has previously described a \u201csoft landing\u201d as plausible, but not his baseline expectation. He said factors outside the Fed\u2019s control, such as the autoworker strike and the threat of a government shutdown, could knock the US economy.<\/p>\n<p class=\"dcr-1kas69x\">Jason Furman, former chair of the White House council of economic advisers under Barack Obama, wrote on X, formerly known as Twitter: \u201cFirst reaction to jobs numbers: Shock. Second reaction: Nervousness. Further reflection: This could be quite good&#8230; We could be in the middle of a sustainable increase in labor supply.\u201d<\/p>\n<p class=\"dcr-1kas69x\">The latest data \u201cwill reaffirm the market\u2019s conviction that rates will stay higher for longer,\u201d Mike Bell, a market strategist at JPMorgan Asset Management, said. \u201cIt also increases the probability of another rate hike from the Fed this year.\u201d<\/p>\n<p class=\"dcr-1kas69x\">Payroll company ADP released its latest national employment report on Wednesday, showing that private-sector employers added 89,000 jobs in September, far fewer than expected. Economists approach such readings with care, however. The reading is an \u201cunreliable indicator\u201d of official data, Ian Shepherdson, the chief economist at Pantheon Macroeconomics, said.<\/p>\n<\/div>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"7859258044\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.theguardian.com\/business\/2023\/oct\/06\/jobs-report-september-economy-employment\">READ SOURCE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US workforce added 336,000 jobs last month, much more than expected, as the world\u2019s largest economy remained resilient in the face of higher interest rates. The sharp acceleration in hiring saw non-farm payrolls rise during September by almost double the rate anticipated by economists. Readings for July and August were also revised higher, with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_oct_exclude_from_cache":false,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-1283013","post","type-post","status-publish","format-standard","hentry","category-us-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US economy added 336,000 jobs in September surpassing expectations - Business Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theguardian.com\/business\/2023\/oct\/06\/jobs-report-september-economy-employment\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US economy added 336,000 jobs in September surpassing expectations - Business Telegraph\" \/>\n<meta property=\"og:description\" content=\"The US workforce added 336,000 jobs last month, much more than expected, as the world\u2019s largest economy remained resilient in the face of higher interest rates. The sharp acceleration in hiring saw non-farm payrolls rise during September by almost double the rate anticipated by economists. Readings for July and August were also revised higher, with [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theguardian.com\/business\/2023\/oct\/06\/jobs-report-september-economy-employment\" \/>\n<meta property=\"og:site_name\" content=\"Business Telegraph\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-06T14:38:32+00:00\" \/>\n<meta name=\"author\" content=\"businesstelegraph\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"businesstelegraph\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theguardian.com\/business\/2023\/oct\/06\/jobs-report-september-economy-employment#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/us-economy-added-336000-jobs-in-september-surpassing-expectations\/\"},\"author\":{\"name\":\"businesstelegraph\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#\/schema\/person\/0a3a6a0f58402f1f2af94e02d0987b78\"},\"headline\":\"US economy added 336,000 jobs in September surpassing expectations\",\"datePublished\":\"2023-10-06T14:38:32+00:00\",\"dateModified\":\"2023-10-06T14:38:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/us-economy-added-336000-jobs-in-september-surpassing-expectations\/\"},\"wordCount\":517,\"publisher\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#organization\"},\"articleSection\":[\"US economy\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/us-economy-added-336000-jobs-in-september-surpassing-expectations\/\",\"url\":\"https:\/\/www.theguardian.com\/business\/2023\/oct\/06\/jobs-report-september-economy-employment\",\"name\":\"US economy added 336,000 jobs in September surpassing expectations - 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