Government reports a quarter million jobs were added to the economy last month.
The government reported Friday that the U.S. economy added 263,000 payrolls in September. At the same time, the unemployment rate fell from 3.7 percent to 3.5 percent, a half-century low.
Although monthly job gains have slowed, the labor market so far remains on solid footing and companies still have strong demand for workers.
Labor Secretary Marty Walsh stated, “September’s job gains were widespread, with strong growth in healthcare professions, food and drinking establishments, and professional and business services, as well as steady, continuing gains in manufacturing and construction.“
He added, “With this report, healthcare jobs have now fully recovered from pandemic lows. The unemployment rate fell across demographics, and notably the Hispanic unemployment rate dropped to 3.8 percent, the lowest rate ever recorded.“
Officials with the Federal Reserve see the slower job growth as a welcome development in their efforts to quell inflation.
As the Lord Leads, Pray with Us…
- For Commissioner Beach as he oversees the Bureau of Labor Statistics.
- For wisdom for Labor Secretary Walsh as he manages the department to support employment.
- For members of the Federal Reserve as they continue to address inflation.
Sources: Wall Street Journal, Axios, Department of Labor
