September jobs report: Payrolls rise 254,000 as unemployment rate slips to 4.1%
Are happy days here again after a bulging 254,000 gain in new jobs in September? Not exactly.
The U.S. labor market is in pretty good shape, to be sure. But the government’s initial count of how many new jobs are being created each month has been less accurate than usual over the past year.
The most recent employment estimates have also been erratic.
The government originally said 114,000 new jobs were created. A month later, the increase was revised down to a paltry 89,000 – the smallest gain since the end of 2020.
And now? The July estimate has been raised to a decent 144,000.
The big increase in September, for its part, appears to have been flattered by seasonal adjustments.
“I don’t think this report is as strong as it suggests,” said chief economist Richard Moody of Regions Financial, o
So what should investors think?
“We’ve said all along the labor market is cooling, not collapsing,” said Moody, one of the more accurate Wall Street forecasters.
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