US adds many more jobs than expected in September
US employers picked up their hiring pace unexpectedly in September while unemployment held steady, government data showed on Friday, adding pressure on policymakers seeking to cool the economy. The US economy added 336,000 jobs last month, significantly more than in August, while the jobless rate was unchanged at 3.8 percent, said the Labor Department. The American job market has remained robust despite efforts by the central bank to cool the world's biggest economy and lower inflation sustainably. When the Federal Reserve lifts interest rates and borrowing costs rise, this can dampen hiring associated with business expansion and the jobless rate is generally expected to rise. But for now, the pace of hiring hovers above pre-pandemic levels. Analysts, however, warn the job market could weaken going forward, as it takes time for policy changes to fully ripple through the economy. In September, sectors that saw job gains included leisure and hospitality, government as well as healthcare, said the Labor Department. Apart from the overall acceleration in employment, hiring figures for August and July were also revised upwards by 119,000 combined, the latest report added. Average hourly earnings rose 0.2 percent, the same rate as in August. (AFP)