People walk past a restaurant, with a hiring sign outside in Washington, D.C., on Oct. 5, 2023. Employers added 336,000 jobs in September, far more than what analysts had predicted.People walk past a restaurant, with a hiring sign outside in Washington, D.C., on Oct. 5, 2023. Employers added 336,000 jobs in September, far more than what analysts had predicted.The strong job growth is welcome news for anyone looking for work.
At its last meeting in September, policymakers appeared to be leaning toward one more rate hike this year in their quest to bring prices under control. But despite the big job gains last month, wage growth remained modest. Average wages in September were up 4.2% from a year ago, and wages rose just 0.2% between August and September.
The unemployment rate rose in August because hundreds of thousands of new people joined the workforce that month. That's a good sign because it suggests people are optimistic about their job prospects. And with more people working, the economy can grow without putting upward pressure on prices.