Jobs report blows past expectations, showing hiring surge - ABC News
S E E D E D C O N T E N T
The U.S. economy added 254,000 jobs in September.
By Max ZahnOctober 4, 2024, 8:31 AM
U.S. hiring surged in September, blowing past economist expectations and rebuking concern about weakness in the labor market. The fresh report marks one of the last major pieces of economic data before the presidential election.
Employers hired 254,000 workers last month, far exceeding economist expectations of 150,000 jobs added, U.S. Bureau of Labor Statistics data showed. The unemployment rate ticked down to 4.1%.
Weaker-than-expected jobs data in both July and August has stoked worry among some economists about the nation's economic outlook.
Despite an overall slowdown this year, the job market has proven resilient. Hiring has continued at a solid pace; meanwhile, the unemployment rate has climbed but remains near a 50-year low.
"The labor market is still healthy, but we have clearly seen a slowdown," Roger Aliaga-Diaz, chief Americas economist at investment firm Vanguard, told ABC News in a statement before the new data was released. "Now we are approaching an inflection point."
The new data arrived two weeks after the Federal Reserve cut its benchmark interest rate a half of a percentage point. The landmark decision dialed back a years-long fight against inflation and offered relief for borrowers saddled with high costs.
Inflation has slowed dramatically from a peak of about 9% in 2022, though it remains slightly higher than the Fed's target of 2%.
Speaking at a press conference in Washington, D.C. last month, Fed Chair Jerome Powell described the rate decision as a shift in approach as the Fed focuses more on ensuring robust employment and less on lowering inflation.
Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Sept. 18, 2024.Ben Curtis/AP
"This recalibration of our policy stance will help maintain the strength of the economy and the labor market, and enable further progress on inflation," Powell said.
In theory, lower interest rates help stimulate the economy and boost employment. However, the Fed's interest rate decisions typically take several months before they influence economic activity. In any case, the soon-to-be released report tracks hiring for September, meaning the majority of the period reflected in the data took place before the rate cut.
Still, the jobs report on Friday held significant implications for further rate decisions over the coming months. The Federal Open Market Committee, or FOMC, a policymaking body at the Fed, has forecast additional interest rate cuts.
By the end of 2024, interest rates will fall another half of a percentage point from their current level of between 4.75% and 5%, according to FOMC projections. Interest rates will drop another percentage point over the course of 2025, the projections further indicated.
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This won't make MAGA Populists happy.
Shall we cheer until the revisions come out? or take this with a grain of salt?
Thanks for proving my point, but you can do whatever you like.
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hmmm... maybe. I personally haven't seen an actual communist in my life and I'm sure if I did they wouldn't be all that happy with anything the leader of the largest capitalist economy in the world has done.
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Didn't you get the memo? Everyone on the left, regardless of how deeply they support capitalism, is now a communist because dirt bag Donald said so. Hurry up and get your head shoved up his ass quick because apparently that's the only way you can prove you're not a communist.
The last 2 months were revised up.
The April-March report was the mother lode of all revisions. Almost a million overestimated.
Do you know how many of these jobs are simply coming back from the covid crisis?
How many are second jobs for people?
How many are entry-level?
Good thing it's still not April or March, right?
I don't work in a spin bubble of inuendo. If you have something particular to point out, then do so with data to back it up and we'll discuss it.
That's fine. America's working class aren't buying it.
Apparently America's working class is working and spending.
They don't care. They'll just claim that the numbers are fabricated.
And call everyone that doesn't cheer them on a communist/socialist/marxist...
maga probably should fear hammers and sickles ... /s
They'll be too busy welcoming Putin with arms stretched wide.
And how many times during the past 3 years have these reports been revised downward?
Revisions happen every time. The last 2 month's reports were revised up.
Give it a day or so and it will be reduced just like all the others have been.
I am sure the revision will come out, Nov 6th.
But, but our country is a shithole and it's going down the tubes and only I can save it...DJT, AKA Walking Eagle (so full of shit he can't fly)
Yup. How's he going to spin this one in his next 2am Truth Social post?
See?
crime is out of control, the economy is broken, and there's more illegals than americans in the USA now ... /s
Don't forget that the sound windmills make is causing out of control cancer.
... and killing all the birds.
They are eating the birds, and cats and dogs...
who are all voting for Kamala
It is Springtime in America and life is a banquet, yet the MAGA choose to eat bone nettle soup...