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“September Soars! Payrolls Up 336,000, Exceeding Predictions of Hiring Slowdown

The U.S. economy defied analysts’ expectations in September by adding a surprisingly robust 336,000 jobs, making it the best month for job growth in six months. According to the Bureau of Labor Statistics, the unemployment rate, which had been 6.2% in August, dropped to 6.0% in September, its lowest since the pandemic began. The hiring surge, which exceeded analyst expectations of roughly 150,000 to 175,000 new jobs, was driven largely by gains in the leisure and hospitality sector, which added 258,000 jobs. This was followed by professional and business services and health care, which each added 37,000 jobs. Manufacturing, which had been sluggish in recent months, also rose by 16,000 jobs. The job growth rate of 4.4% was the highest since the lockdowns in March and April. Meanwhile, the number of unemployed Americans dropped to 11.4 million, its lowest level since the pandemic began. The jobs report also showed encouraging signs of wage growth. Average hourly earnings rose by 4.7% from September 2019 to the same time this year, the fastest rise since early 2019. The report also revealed that the number of permanent part-time workers increased by 547,000, a sign that one of the most entrenched problems since the pandemic began – employers cutting workers’ hours to avoid having to pay benefits or cover extra wages – is starting to reverse course. The jobs report was seen as a bright spot in an otherwise troubled year for the economy, which has been struggling with record-high unemployment amid the pandemic. It is also seen as proof that fiscal stimulus, including stimulus checks and expanded unemployment benefits, can help bolster the economy and reduce unemployment. While the report is a sign of an improving job market, analysts caution that the recovery could still take some time as the pandemic continues to affect the economy. There are also concerns that the job gains could be short-lived if the virus continues to spread, especially as businesses experience further restrictions to curb the virus’ spread and more states shut down again. ➤Conclusion The latest job report from the Bureau of Labor Statistics is a sign that the U.S. economy is on the path to recovery, defying analysts’ expectations for a slowdown in job growth. While the report shows positive signs of wage growth and job gains, there are still concerns about the pace of the recovery and the potential for further restrictions due to the pandemic. It is clear, however, that stimulus measures have had a positive effect on the job market, and that the economy is starting to recover.