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Jobs, jobs, jobs!

The labor market remained strong in September, showing its resilience. But the persistent strength in hiring also underscored the challenges facing the Federal Reserve as it tries to curtail job growth enough to tame inflation.

Employers added 263,000 jobs last month on a seasonally adjusted basis, the Labor Department said Friday. That was down from 315,000 in August. The unemployment rate fell to 3.5 percent, from 3.7 percent a month earlier.
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Average hourly earnings climbed 5 percent from a year earlier, the Labor Department reported, roughly matching economists’ expectations but slowing down slightly from the prior annual reading. Wages had climbed 5.2 percent in the year through August.

On a monthly basis, wages rose 0.3 percent, matching both economists’ expectations and the prior month’s gain.

… and in the frozen north:

The Canadian economy posted a modest gain in employment in September, reversing some of the losses seen in previous months and suggesting the labour market remains exceptionally tight.

The unemployment rate for the month fell to 5.2 per cent as fewer people looked for work, down from 5.4 per cent in August, Statistics Canada reported in its labour force survey released on Friday.

Meanwhile, the economy added 21,000 jobs.

The bumpin employment was expected as job losses in the education sector during the summer were reversed with the reopening of schools.

The report said gains in education, health care and social assistance were offset by losses in several other sectors, including manufacturing and information, culture and recreation.

This entry was posted on Friday, October 7th, 2022 at 8:43 pm and is filed under Market Action. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.