The unemployment rate was unchanged at 3.8%.
Among banks, restaurants, retailers and other service sector companies, hiring accelerated in September compared with August, according to the Institute for Supply Management. | Nam Y. Huh/AP PhotoWASHINGTON — The nation’s employers added 336,000 jobs in September, an unexpectedly robust gain that suggests that many companies remain confident enough to keep hiring despite high interest rates and a hazy outlook for the economy.
The September hiring report comes at a time when the Fed is scrutinizing every piece of incoming economic data to decide whether it needs to raise its benchmark rate once more this year or instead just leave it elevated well into 2024. And surveys by the Institute for Supply Management, a trade group of purchasing managers, found that both manufacturing and services companies kept adding jobs last month. Among banks, restaurants, retailers and other service sector companies, hiring accelerated in September compared with August, according to the ISM.
On the one hand, Fed officials, including Chair Jerome Powell, have stressed that inflation remains too far above their 2% target and that another rate hike might be needed to slow it to that level. At the same time, several Fed policymakers have underscored that they want to be careful not to raise borrowing rates so much as to trigger a deep recession.
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