By emphasizing on accumulated recruitment progress rather than a month-to-month pattern, officials set a low bar to clear
Employers added 194,000 jobs in September, the report showed. This was less than economists’ expectations, mainly due to weak recruitment by state and local governments. Private sector employers added 317,000 jobs in September, in line with 332,000 added in August.
Meanwhile, the unemployment rate fell steadily to 4.8 per cent in September from 5.2 per cent in August, partly reflecting a drop in the number of people looking for work last month. The unemployment rate in June was 5.9%. Friday’s report also showed that hiring in July and August was slightly stronger than before. Those revisions resulted in an additional 169,000 jobs reported in those two months.
Overall, this appears to be enough to keep the Fed on track to announce a taper after their November 2-3 meeting.
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