September jobs report stronger than expected
Oct. 12, 2023
The September jobs report came back stronger than expected, adding 336,000 jobs to the market.
However, inflation is still biting. Prices continue to rise faster than anyone would like. Although annual price increases aren’t in wild-runaway mode like they were when inflation was above 9% last year, inflation is still above 3%, which is higher than economists say is healthy.
To help crunch the numbers, we welcomed Dennis Hoffman, an ASU Economist.
Economists had predicted 170,00 jobs were going to be added to the market; however, they were pleasantly surprised.
According to a statement by the Department of Labor, the thriving job market is bringing back workers who had lost their jobs during the pandemic, specifically in the hospitality industry.
The unemployment rate remained steady at 3.8%.
“Our labor market has been pretty strong for the last ten to twelve years, fourteen million were created under the Biden Administration,” Hoffman said.
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