The U.S. job market surpassed forecasts with a staggering addition of 254,000 new jobs in September. Experts were forecasting the number to be around 150,000.
The unemployment rate, meanwhile, fell from 4.2% in August to 4.1% in September.
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“You really couldn’t ask realistically for a better report for the economy — coupled with finding out that the port strike is not going to be an extended matter, and that at least for months, this is not going to be an issue,” Chicago Federal Reserve President Austan Goolsbee told Bloomberg Television Friday. “Those are two pieces of very good news.”
Experts note that last month’s interest rate cut is still taking effect and could boost sales in sectors that use borrowing rates, like cars and homes. More cuts are expected at the Fed’s next two meetings in November and December.
Inflation has slowed from its peak of around 9% in 2022, though it still remains slightly higher than the Fed’s set 2% goal.
