Job Growth Slows in September, Misses Estimates
- Nonfarm payrolls increased 263,000 for the month, short of the Dow Jones estimate for 275,000.
- The unemployment rate was 3.5%, down 0.2 percentage points as the labor force participation rate edged lower.
Job growth fell just short of expectations in September and the unemployment rate declined despite efforts by the Federal Reserve to slow the economy, the Labor Department reported Friday.
Nonfarm payrolls increased 263,000 for the month, compared to the Dow Jones estimate of 275,000. The unemployment rate was 3.5% vs the forecast of 3.7% as the labor force participation rate edged lower to 62.3% and the size of the labor force decreased by 57,000.
September’s payroll figure marked a deceleration from the 315,000 gain in August and tied for the lowest monthly increase since April 2021.
In the closely watched wage numbers, average hourly earnings rose 0.3% on the month, in line with estimates, and 5% from a year ago, an increase that is still well above the pre-pandemic norm but 0.1 percentage point below the forecast.
Stock market futures moved lower after the release while government bond yields rose.
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