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United States Unemployment September 2022

United States: Job gains exceed expectations in September; unemployment rate falls

Total non-farm payrolls increased by 263,000 in September, down from 315,000 in August but beating market expectations. The hospitality and healthcare subsectors spearheaded jobs growth. Meanwhile, the unemployment rate fell from 3.7% in August to 3.5% in September.

All in all, the data shows the labor market cooled but remained robust at the end of Q3. Looking ahead, the Consensus is for the labor market to lose steam heading into 2023 as the economy slackens amid higher interest rates, with the unemployment rate forecast to move back above 4% next year.

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