by Karen Faulkner, Worthy News Correspondent
(Worthy News) – Defying economists’ forecasts that the US would see around 150,000 jobs added in September, American employers instead added 254,000 jobs last month. The surge in job creation was reported by the US Labor Department on Friday, October 4.
The restaurant, retail, and construction sectors were at the center of the unexpected surge in job creation, the US Labor Department report showed. However, the report showed, manufacturing has declined in the last two years.
“A survey of factory managers released this week by the Institute for Supply Management shows manufacturers are still struggling with high interest rates and uncertainty about the upcoming presidential election,” NPR noted in its report. “By contrast, another ISM survey shows continued growth in the much-larger services side of the economy — things like restaurants and car repair,” NPR added.
Friday’s Labor Department report further noted that average wages in September were up 4% from last year. “That’s likely more than enough to outpace rising prices, giving workers a real boost in their purchasing power,” NPR noted.
The US Labor Department further reported Friday that the unemployment rate fell to 4.1% in September.
Copyright 1999-2024 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
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