U.S. Bureau of Labor Statistics monthly reports

U.S. Economy Adds 254,000 Nonfarm Payrolls in September, Unemployment Falls to 4.1%

Oct 4, 2024, 12:41 PM

The U.S. economy added 254,000 nonfarm payrolls in September, significantly surpassing expectations of 147,000. The unemployment rate fell to 4.1%, down from 4.2% in the previous month. This marks the lowest unemployment rate since June. Average hourly earnings rose by 0.4% month-over-month and 4.0% year-over-year, both exceeding forecasts. Revisions for July and August added an additional 72,000 jobs, with August revised up to 159,000. The labor force participation rate remained steady at 62.7%, and the underemployment rate dropped to 7.7% from 7.9%. This robust job growth suggests continued economic resilience despite broader concerns.