September Job Growth: US Economy Adds 156,000 New Jobs, Jobless Rate Rises
The US economy created 156,000 new jobs in September and wages ticked up, suggesting a rate hike may not be far off as the labor market looks increasingly steady.
Non-farm employment rose by the smallest amount since May, according to the Labor Department, and unemployment rose a tenth of a percent to 5%, the Wall Street Journal reports. That rise is considered a good thing as it suggests previously discouraged Americans are re-entering the job search.
On top of that, private sector wages rose an average of 0.2% from a month earlier, hitting $25.79 an hour. September's modest job gains follows the 151,000 new jobs created in August. Despite the gains, millions of Americans are still underemployed. Those who are jobless, involuntarily working part time or are too discouraged to look for work stands at 9.7%. [WSJ]