1y ago

US added 336k jobs in September, far above expectations

thehill.com US added 336k jobs in September, far above expectations

The U.S. added a whopping 336,000 jobs in September and the unemployment rate stayed even at 3.8 percent, according to data released Friday by the Labor Department. The September jobs report far ex…

The U.S. added a whopping 336,000 jobs in September and the unemployment rate stayed even at 3.8 percent, according to data released Friday by the Labor Department.

The September jobs report far exceeded expectations after several months of slowing employment gains.

Economists projected the U.S. to have added 170,000 jobs last month, according to consensus estimates, and knock the jobless rate down to 3.7 percent. The U.S instead added nearly twice that number without making a dent in the unemployment rate.

The US also added 119,000 more jobs than previously reported in July and August, according to revisions released by the Labor Department on Friday.

The surprisingly strong September jobs report followed several months of shrinking job gains, rising unemployment and other signs of an economic slowdown.

While the September jobs surge may be good news for Americans wary of a recession, it poses a new challenge for the Federal Reserve as it plots the next steps in its battle against inflation.

[UPDATE] Links to the actual report in case you want to read it:

31 comments

What do they mean when they added more jobs? Does that mean 336k people became employed, or 336k jobs were posted by companies? Because I've been laid off for a year and I see the same job, I did a 7 round interview for being habitually reposted for the last 6 months.
- For this data, it's 336k more people employed. There is a different survey called JOLTS (job opportunity labor turnover survey, I believe) that counts job openings.
  The reposted job would count as a job opening in that survey, and since you applied and are thus actively looking for work, you would count as unemployed for U3 unemployment. U6 is the one that disregards your intentions and just counts if you are working or not (but like stay at home moms count as unemployed in U6 even if they aren't looking for work).
  So there's a lot of ways to look at the data.
  
  Thanks fren!
- Neither of those. There are 336k more people employed.
  
  Just not that guy

What do you want to bet most of those are people taking second jobs to make ends meet in this fucked economy and not like, unemployed folks finding jobs
- I had the same question, so I looked up the actual report:
  The number of persons employed part time for economic reasons, at 4.1 million, changed little in September. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs.
  Source: https://www.bls.gov/news.release/empsit.nr0.htm
- You might be right. As the article says the employment rate stayed the same.
  
  In the scheme of hundreds of millions of people, 300k doesn't make a big difference (percentage-wise)

Then why can't I find one despite searching for a year now?

These are not jobs that a person can live on so they do not count.
- Let me guess, you have zero sources and are just making that up.
  
  Half of all jobs people can't live on . https://www.cbsnews.com/news/minimum-wage-2019-almost-half-of-all-americans-work-in-low-wage-jobs/

as a plot twist, maybe the other half of the story is that companies fired around 300k people.
- Or maybe not because that’s not how the jobs report works, obviously.
  
  lol. I gotchu.
- Come on. It’s net jobs gained/lost.

This is the best summary I could come up with:
The U.S. added a whopping 336,000 jobs in September and the unemployment rate stayed even at 3.8 percent, according to data released Friday by the Labor Department.
Economists projected the U.S. to have added 170,000 jobs last month, according to consensus estimates, and knock the jobless rate down to 3.7 percent.
The US also added 119,000 more jobs than previously reported in July and August, according to revisions released by the Labor Department on Friday.
While the September jobs surge may be good news for Americans wary of a recession, it poses a new challenge for the Federal Reserve as it plots the next steps in its battle against inflation.
Fed officials are set to meet twice more before the end of the year and expected in September to raise interest rates one more time.
The Fed decision to hold off on a hike last month came as the labor market appeared much weaker than the September jobs report showed.
The original article contains 299 words, the summary contains 160 words. Saved 46%. I'm a bot and I'm open source!

Where? Real jobs?

Bidenomics at work, bringing the jobs back to the ungrateful American people🫡
- I wonder how many were recently hired to build the border wall?
  
  At least six.
- The Fed is posturing to raise interest rates directly because this is more jobs than they expected. Can't let those poors get too much, the QOL is not going to increase because of this job boom, the interest rate is.
  Mary Daly at the fed
  “If we continue to see a cooling labor market and inflation heading back to our target, we can hold interest rates steady and let the effects of policy continue to work,”
  They tell you in plain language what they're trying to do with the rate hikes, and if that labor market isn't cooling what do you think is gonna happen? Yall downvote anything that doesn't fit your 'Biden is always right and everything around him is good' perception.
  
  Companies are able to add this many jobs even with higher interest rates because they are still flush with cash from decades of low interest rates, lobbying, income inequality and PPE loans.
  Raising interest rates forces companies to spend their own capital to add these jobs instead of using money that the Federal Reserve prints to keep the interest rate low.
  Raising interest rates sucks in the short term but it is required in the long term and severely overdue.
  We can’t print free money forever just to have low interest rates.
  
  Tempted to just down vote and move on. But, you are very right about the feds intentions. They are terrified of wage growth. There is a school of macroeconomists who think wage growth is essentially locking in inflation and is the scariest thing that can happen in an inflationary environment. They are idiots and it seems not to have occurred to them that we could have an actual labor shortage and wages just have to go up per supply and demand.
  Anyway your last paragraph is some bonkers bullshit. The executive branch and the president specifically is not in control of the federal reserve and in fact by design is meant to have limited influence on the actions of the fed governors. Also, this entire thread is people twisting themselves in knots to ignore good news for workers so they can maintain their view that Biden is fucking up.

31 comments