The US labour market remained robust in September as the unanticipated return of a historic low in the unemployment rate put the inflation-averse Federal Reserve on track to implement yet another aggressive interest rate hike.
After growing by 315,000 in August, nonfarm payrolls grew by 263,000 in September, according to a Labor Department data released on Friday.
A five-decade low was matched by the jobless rate, which decreased to 3.5%. Earnings per hour increased significantly.
In a Bloomberg survey of analysts, the median predictions predicted that payrolls would increase by 255,000 and that the unemployment rate would remain at 3.7%.
Gains in leisure, hospitality, and health care drove the rather broad hiring.
In the meantime, employment in the transportation, warehousing, and banking sectors fell.