Employers added an estimated 254,000 jobs in September, according to data released Friday by the Bureau of Labor Statistics. That’s a much higher tally than August’s monthly total (which was upwardly revised to 159,000) and it smashed economists’ expectations for a 140,000-job gain.
The unemployment rate dropped to 4.1% from 4.2%.
September's surprisingly strong hiring suggests that the U.S. could be headed for a so-called "soft landing," with the Fed's prior rate hikes having helped to cool the economy while skirting a recession, experts said
The strong data could give the Fed more flexibility at its November rate cut meeting, giving the central bank the breathing room to either issue a smaller rate cut of 0.25 percentage points, versus its 0.5 percentage point cut last month, experts says.
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