U.S. job creation totaled 254,000 in September, much better than expected

[BumRushDaShow]

Source: CNBC

Published Fri, Oct 4 2024 8:30 AM EDT Updated 4 Min Ago


The U.S. economy added far more jobs than expected in September, pointing to a vital employment picture as the unemployment rate edged lower, the Labor Department reported Friday.

Nonfarm payrolls surged by 254,000 for the month, up from a revised 159,000 in August and better than the 150,000 Dow Jones consensus forecast. The unemployment rate fell to 4.1%, down 0.1 percentage point.



With upward revisions from previous months, the report eases concerns about the state of the labor market and likely locks in the Federal Reserve to a more gradual pace of interest rate reductions. August’s total was revised up by 17,000 while July saw a much larger addition of 55,000, taking the monthly growth up to 144,000.

Strength in job creation spilled over to wages, as average hourly earnings increased 0.4% on the month and were up 4% from a year ago. Both figures were ahead of respective estimates for gains of 0.3% and 3.8%.

Read more: https://www.cnbc.com/2024/10/04/september-2024-us-jobs-report.html

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Expected had been 150,000.

Stay tuned for DU's economic gurus to give you the deep dives and TGIF!



Article updated.

Previous articles -

Published Fri, Oct 4 2024 8:30 AM EDT Updated 3 Min Ago


The U.S. economy added far more jobs than expected in September, pointing to a vital employment picture as the unemployment rate edged lower, the Labor Department reported Friday.

Nonfarm payrolls surged by 254,000 for the month, up from a revised 159,000 in August and better than the 150,000 Dow Jones consensus forecast. The unemployment rate fell to 4.1%, down 0.1 percentage point.

With upward revisions from previous months, the report eases concerns about the state of the labor market and likely locks in the Federal Reserve to a more gradual pace of interest rate reductions. August's total was revised up by 17,000 while July saw a much larger addition of 55,000, taking the monthly growth up to 144,000.

Strength in job creation spilled over to wages, as average hourly earnings increased 0.4% on the month and were up 4% from a year ago. Both figures were ahead of respective estimates for gains of 0.3% and 3.8%.


This is breaking news. Please check back for updates.

Published Fri, Oct 4 2024 8:30 AM EDT Updated 4 Min Ago


The U.S. economy added far more jobs than expected in September, pointing to a vital labor market as the unemployment rate edged lower.

Nonfarm payrolls surged by 254,000 for the month, up from a revised 159,000 in August and better than the 150,000 Dow Jones consensus forecast. The unemployment rate fell to 4.1%, down 0.1 percentage point.

This is breaking news. Please check back for updates.

Original article -

Published Fri, Oct 4 2024 8:30 AM EDT


Nonfarm payrolls were expected to increase by 150,000 in September, according to the Dow Jones consensus forecast.

This is breaking news. Please check back for updates.

[NoMoreRepugs]

1. If the economic forecasting gurus are just that how can they be so wrong on these numbers?

Wage growth continues upward - kinda hard for Reputinicans to run on how terrible things are with the economy.

[BumRushDaShow]

2. Well the business media analysts

apparently use statistical models to come up with their estimates and IMHO, none of them were able to handle the massive, one-off circumstance of a triple-whammy of incidents that happened in 2019 - i.e, a pandemic, globally-impactful "war", and climate change.

The last time something like that happened was around the 1918 - 1919 time frame, with the "Spanish Flu", WWI, and major weather events (severe freezes that impacted crops and commerce in 1917 - 1918). That was just a few years after the formation of the Federal Reserve (which I believe came into existence in 1913).

And yes, this continues removing the GOP "talking points" that describe a dystopian America of their fictional creation.

[peppertree]

3. Amazing. We'd be in an all-out banking collapse had Cheeto succeeded in stealing the election - LOSING 250k jobs a month

The fat bastard would, of course, declare "marshall law" in response - lest the opportunity go to waste.

God truly has blessed America; let's just not push our luck too much.

[IronLionZion]

4. I blame Biden and Harris for this

[Yo_Mama_Been_Loggin]

6. Yep

All because of them the domestic help has to clean ketchup off the walls at Mierda A Laredo.

[4lbs]

5. I believe it. I just got offered several more jobs, I might have to turn them down, or

at least only work 'part time', because full time is too much for me (I already have a full time job).

I'll see if I can get them to up my salary at least, which is likely now, because there is a lot of work available here in SoCal. Way more job openings than people available to fill them. I see "We're hiring". "openings available", and "Help Wanted" signs everywhere.

Just yesterday, at one of the FREE newspaper displays, there was a flyer with those tear-outs offering open positions. Everyone seems to be hurting for employees now.

At my local place of employment, we 'lost' 3 people, but added 7 more, for a net gain of 4 people, but it is still really busy here. I just got a phone call this morning asking if I could come in this weekend (Friday and Saturday are my days off, but I might have to work 7 days a week if this continues)..

I rode the local trolley here finally at 5:30am yesterday (haven't done it for more than a year). The one I was on was PACKED. It was standing room only, and that was all of us headed for work. Early morning, Packed. Lots of people. Mass transit.

In the past, it was usually kind of empty that early, but not any more. Anything from 5:00am to 10;00am seems really busy right now.

[Shermann]

10. There was a rash of high-profile tech layoffs earlier in the year.

Hopefully that was just a small passing storm and there are blue skies ahead!

[4lbs]

11. Yeah, I read that. About 10,000 people laid off when several high-tech companies went under or downsized.

But, that was outweighed by more than 50,000 new job openings available during that time. However, they might not be in the same field, yet, they are there. Full-time work, with near equal benefits (medical, dental, retirement/savings).

So, those people will likely soon find new employment very soon. It just depends on how motivated they really are to continue to work, or if they only want to work in their increasingly narrow field.

I mean, 30 years ago, I graduated with several Bachelor's degrees and a Minor. At the time, when I was 24 to 40, I only wanted to work in fields that used my education. Anything else was "beneath me". In my current employment, I'm not using any of that, though. It seems now they are more proof of my attention to detail and work ethic, than anything.

Earlier this year, I actually turned down several job offers in my original fields of education. They were 'tailor made' for me, and one detailed almost exactly in the requirements my education and experience.
Both were "far away" though, so I really hesitated. One was more than 40 miles away, the other was in another city. Thus, even though they were for 'more money' than I was currently making, some quick number crunching determined that I would actually have been making less money overall when transportation and the like were factored into everything. Not to mention the extra time involved (sometimes several hours a day) just getting to and from the jobs.

Yeah, I could have moved closer so it would have been less transportation time, but that would have involved uprooting my entire life and living arrangement just for jobs that may have been only for a year or less. It might have been OK when I was much younger (in my 20s, or early 30s, say) and more nomadic in nature. I am in my 50s now, and more 'set in stone' with my life. I asked for at least a two year commitment from each one if I was going to do that, or else pay for the extra transportation costs at least. They refused, so I did in return.

[RainCaster]

7. This plays right in to TSF's story of the economy being a disaster

And I believe it...

[BumRushDaShow]

8. It's a big FAIL

I tell ya!!1111!!!1111

[PennRalphie]

9. This is great news, not surprising

The economy around here is absolutely booming. Everyone who wants a job has their choice of jobs. People are spending money like crazy because they have it to spend. Just wait until Kamala cuts taxes. It will be fantastic. All of that money will flow into the economy.

It’s truly good times!