US job growth smashes expectations raising prospects for rate hikes
US job growth smashes expectations raising prospects for rate hikes
U.S. job growth surged in September, suggesting that the labor market remains strong enough for the Federal Reserve to raise interest rates this year, though wage growth is moderating.
WASHINGTON, Oct 5 (Reuters) - U.S. job growth surged in September, suggesting that the labor market remains strong enough for the Federal Reserve to raise interest rates this year, though wage growth is moderating.
Nonfarm payrolls increased by 336,000 jobs last month, the Labor Department said in its closely watched employment report on Friday. Data for August was revised higher to show 227,000 jobs added instead of the previously reported 187,000.
Economists polled by Reuters had forecast payrolls rising by 170,000 jobs. Estimates ranged from 90,000-256,000 jobs. The larger-than-expected increase was despite the tendency for the initial September payrolls print to be biased lower because of seasonal adjustment issues related to the return of education workers after the summer break.
The economy needs to create roughly 100,000 per month to keep up with growth in the working-age population.
I don't know if it's related, but there are a lot of laid off tech workers seeking jobs and plenty of work to go around. Many probably took a new position at a pay cut so I'd imagine the "payrolls soared" needs a big asterisk.
Or maybe it's completely unrelated.
Rate increase + government shutdown with no Speaker
The goal is a recession.
Yeah there was just an article about increased layoffs. Seems like the system is at the line and so its bubbling. Companies are flip flopping between ramping up and down. This is likely a good time to just hold steady.
The Fed wants a recession so bad. So so bad.