Sep non-farm payrolls double expected; “comfortably above” pre-COVID average

06 October 2023

 

Summary: Non-farm payrolls up 336,000 in September, double expectations; previous two months’ figures revised up by 119,000; jobless rate ticks steady at 3.8%, participation rate steady; NAB: “comfortably above” pre-COVID averages; employed-to-population ratio steady at 60.4%; underutilisation rate down; annual hourly pay growth slows to 4.2%. The US economy ceased producing jobs in net terms as infection controls began to be implemented in March 2020. The unemployment rate had been...

read full story