U.S. Economy Adds 254,000 Jobs in September, Unemployment Falls to 4.1%, Wage Growth Exceeds Expectations

Oct 4, 2024, 12:30 PM

The U.S. economy added 254,000 jobs in September, significantly surpassing the forecast of 150,000 jobs. The unemployment rate fell to 4.1%, lower than the expected 4.2%. Average hourly earnings increased by 0.4% month-over-month and 4.0% year-over-year, both exceeding expectations. The labor force participation rate remained steady at 62.7%. Upward revisions for July and August added a combined 72,000 jobs. These robust job gains and wage growth figures suggest a stronger-than-anticipated labor market, potentially influencing the Federal Reserve's strategy on interest rate cuts.