The US workforce added 336,000 jobs last month, much more than expected, as the world’s 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 twice as much as economists had anticipated. Readings for July and August were also revised higher, with 236,000 and 227,000 jobs added, respectively.
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 US economy to a so-called “soft landing”, where price growth normalizes and recession is avoided.
[UPDATE] Links to the actual report in case you want to read it:
Incoming interest rate hike from The Fed.