Axios, October 10, 2023, U.S. Economy Adds Staggering 336,000 Jobs In September
The U.S. economy added a staggering 336,000 jobs in September, defying expectations of a slowdown, with the unemployment rate holding steady at 3.8%, according to new data the Labor Department released Friday.
: The new data reverses what had been signs of a definitive cooling in the labor market. A less-frothy job market is a key objective of the Federal Reserve’s campaign to tamp down inflation.
“Friday’s jobs report suggests that the labor market remains very strong and cements the case for an additional Fed rate hike this year, and it also likely delays the pace of eventual rate cuts,” said Robert Schein, chief investment officer at Palm Beach-based Blanke Schein Wealth Management, on Friday.