The unemployment rate held steady at 3.8% in August, and the number of unemployed workers was essentially unchanged at 6.4 million.Ĭonsensus estimates from economists were for 170,000 net jobs added and a jobless rate of 3.7%, according to Refinitiv. “And inflation’s coming down at the same time.” “It’s no accident, it’s Bidenomics, we’re growing the economy from the middle out, the bottom up and not the top down,” Biden said during a press conference. President Joe Biden touted the stronger-than-expected report on Friday. The job growth occurred across all major sectors. Government jobs also saw a hefty boost, rising by 73,000. That’s above the pace of 61,000 jobs a month that this sector has seen during the past 12 months, according to the BLS report. In September, leisure and hospitality helped drive job growth higher, with 96,000 jobs added. “The job market is tinder-box hot,” said Sung Won Soh, professor of finance and economics at Loyola Marymount University and chief economist at SS Economics. Job growth in the height of the summer was hotter than initially thought: In addition to August’s upward revisions, July’s gains were revised up by 79,000 to 236,000. Jobs report shock: American economy added a stunning 336,000 jobs in September Traders work on the floor of the New York Stock Exchange during afternoon trading on Septemin New York City.
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