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United States Unemployment September 2023

United States: Job gains smash expectations in September

Total non-farm payrolls grew by 336,000 in September, roughly double market expectations and up from 227,000 in August. Job gains were seen in leisure and hospitality, government, health care, professional, scientific, and technical services, and social assistance. The unemployment rate was 3.8% in September, matching August’s reading, while nominal wage growth was roughly stable at 4.2% year on year.

Together with upward revisions to employment growth in July and August, the September data suggests that private consumption and the broader economy remained in good shape in Q3. Average employment growth in the quarter was down from Q1 but notably higher than in Q2.

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