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U.S. Economy Adds 531,000 Jobs In September

Jobs Added

We have some good numbers for September as people head back to work. As Axios outlines there are still some issues:

The job market added a stunning 531,000 jobs last month. The unemployment rate ticked down to 4.6% — a new pandemic-era low.

Between the lines: Revisions to prior months are often overlooked. Not this month: Upgrades to both August and September were so enormous — fully 366,000 jobs higher than originally reported — that they have definitively reversed the narrative that there was a Delta-induced hiring slump in late summer.

Wages are still rising: Average hourly earnings rose another 11 cents an hour in October, to $30.96. That’s enough to keep up with inflation.

What to watch: Millions of workers remain on the sidelines — and there wasn’t much improvement in pulling them back into the workforce.

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