US added more jobs than expected in September, delayed payrolls data shows
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The news: The US economy gained more jobs than had been expected in September, the long-awaited report from the Bureau of Labor Statistics (BLS) showed on Thursday. The crucial jobs data had been delayed due to the US government shutdown.
The numbers: Nonfarm payrolls rose by 119,000 in September, up from the 4,000 jobs lost in August following a downward revision. The Dow Jones consensus estimate for September was 50,000.
The BLS also said the unemployment rate inched up higher to 4.4%, the highest it’s been since October 2021. Average hourly earnings also increased 0.2% for the month and 3.8% from a year ago, compared to respective forecasts for 0.3% and 3.7%.
The context: The report marks the end of a blackout on official government data that began in early September as the US government shut down. Key agencies were prohibited from collecting and publishing data which is heavily relied upon by investors and policymakers.
The data will prove pivotal to the Federal Reserve’s upcoming December meeting
US stock futures pared some gains on the news but remain positive. Nasdaq 100 futures rose 2%, largely on the back of Nvidia’s positives earnings report on Wednesday. Two-year Treasury yields, which are reactive to imminent Fed moves, retreated three basis points to 3.56%. The dollar wobbled and Bitcoin climbed by more than 1%.
