(This story was updated to add new information.)
America’s job market roared back in September as U.S. employers adding 254,000 jobs, according to the Bureau of Labor Statistics.
The number was higher than the average monthly gain of 203,000 over the previous 12 months, according the bureau, and the strongest reading since March. Food and drink industries, health care, government, social assistance and construction led the job gains, which blew past economists’ average forecast for 140,000 new jobs and exceeded the upwardly revised August tally of 159,000 new positions.
The unemployment rate also unexpectedly dipped to 4.1% from August’s 4.2%.
The strong report put to rest ideas the Federal Reserve may continue aggressively lowering rates to keep the labor market afloat after a sluggish summer of hiring, economists said. The Fed lowered its benchmark fed funds rate last month for the first time in more than four years by a half percentage point, or 50 basis points, to a range of 4.75% to 5% from a 23-year high of 5.25% to 5.5%. It also penciled in shaving another half point by year-end.
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“Don’t even talk about a 50-basis point cut in November; it’s not on the table,” said Tim McDonough, Key Wealth senior portfolio manager. “Blowout numbers for September jobs data … (are) further evidence that the economy is humming along stronger than expected.”
What industries were hiring in September?
Here are some job categories…
