US job growth accelerated in September, with nonfarm payrolls increasing by 254,000 and the unemployment rate dropping to 4.1%, according to the Labor Department.
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- Nonfarm payrolls increased by 254,000 in September.
- August payrolls were revised upward to 159,000 jobs.
- Unemployment rate fell to 4.1% from 4.2% in August.
- Wages increased 0.4% in September, following a 0.5% rise in August.
- Annual wage growth hit 4.0% year-on-year.
- Job gains surpass economists’ prediction of 140,000 new positions.
- Layoffs remain low, supporting consumer spending.
- Rise in labor supply attributed to increased immigration.
- Boeing machinist strike and Hurricane Helene could impact future payrolls data.
- Markets saw a 71.5% chance of a quarter-point interest rate cut in November.
