The US Labor Market outperformed its anticipated number for jobs added in the month of September greatly with 336,000 jobs being added according to data released by the Bureau of Labor Statistics on Friday.
This is the largest monthly employment gain of the year since January and is exceedingly larger than the 227,000 jobs gained in August. Two of the largest contributors to this increase are the leisure and hospitality sector, as well as the government sector. Jobs in the field of leisure and hospitality saw 96,000 jobs being added, a significant leap from the 61,000 jobs that had been added on average over the past twelve months. Jobs in the government sector also showed signs of growth, increasing by 73,000.
The unemployment rate has remained steady hovering around 3.8%, the same position it was at in August. There are currently 6.4 unemployed Americans, which is nearly identical to the numbers from last month.
While the U.S. economy has shown significant and steady growth over the past two years, the Labor Market is trying to slow down the growth of the economy to make sure it does not grow too rapidly. Rising wages have also caused concern, as if they are not monitored properly, inflation could become a serious issue.
Inflation has reduced significantly after surging last year, though an increase in gas prices is causing inflation to decrease at a slower rate. As we hope to see inflation continue to shrink, U.S. citizens are hopeful that wage and job growth will remain steady in their upward trend.