In the long-awaited September jobs report, the US Bureau of Labor Statistics (BLS) revealed that the labor market grew by 119,000 non-farm payroll jobs in that month, well above forecasts for 51,000 jobs. Additionally, the unemployment rate increased by 0.1% to 4.4%, while average hourly earnings rose by 0.2%.
BLS officials announced earlier this week that it will not be publishing the October jobs report, but instead will include October’s data in the November report; this has been delayed to December 16, which comes after the Federal Reserve’s next FOMC meeting.
EY-Parthenon chief economist Gregory Daco comments on how Fed officials may lean on interest rates in the absence of monthly economic data.
Also catch Gregory Daco and Charles Schwab’s Kathy Jones weigh in on what September’s jobs data means for the Fed’s interest rate path ahead of its December meeting.
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