China News Agency, Washington, October 7. The US Department of Labor released data on the 7th that the US non-agricultural sector added 263,000 jobs in September, and the unemployment rate was 3.5%, down 0.2 percentage points from the previous month.
This is the last monthly employment report before the Fed's meeting on interest rates on November 2, and the market is quite concerned about it.
The Wall Street Journal believes that in the context of high inflation in the U.S. economy and rising federal interest rates, the labor market is continuing its gradual cooling trend.
Data show that as of September, the U.S. will add an average of 420,000 new jobs per month in 2022, down from 562,000 in 2021.
Only leisure and hospitality and healthcare added more than 50,000 jobs in September.
"U.S. employers continue to hire at a solid pace, and the unemployment rate unexpectedly returned to historic lows," Bloomberg News said of the jobs report, indicating that the U.S. labor market remains strong, giving the Federal Reserve a high probability of continuing to increase sharply. the strength of the breath.
Looking at industry data for September, the leisure and hospitality sector added 83,000 jobs, the same as the monthly average for the first eight months of this year.
Overall employment in the industry remains 1.1 million people below February 2020 levels.
Employment in the healthcare sector rose by 60,000, and employment conditions have returned to pre-pandemic levels.
The manufacturing industry added 22,000 people, with an average monthly increase of 36,000 jobs in 2022.
Average hourly earnings for U.S. workers rose 10 cents from a month earlier to $32.46 in September, a 5.0% increase from a year earlier.
The Associated Press pointed out that the data was the lowest year-on-year increase in average hourly earnings since December last year, but still higher than the Fed expected.
"This jobs report is still likely to be too strong for the Fed, and there is still room for monetary policy to tighten." (End)