The U.S. added 254,000 jobs last month, according to nonfarm payroll data released Friday morning by the Labor Department, marking the biggest month for job growth since March, Derek Saul reported for Forbes.
The government has revised job growth upward in July by 55,000 to 144,000 and in August by 17,000 to 159,000.
This figure surpassed the average economist estimates of 150,000, according to Dow Jones data. The unemployment rate dipped to 4.1%, compared to projections of 4.2%, where it stood in August.
The government has revised job growth upward in July by 55,000 to 144,000 and in August by 17,000 to 159,000.
Both summer months’ initial reports disclosed far weaker labor market expansion than expected, as July’s first-reported 114,000 new jobs fell short of economist estimates of 185,000, and August’s initial 142,000 was below the 160,000 forecast.
The six-month-high in job numbers and better-than-previously-reported summer growth boosted stocks, with S&P 500 futures up about 0.5%, set to open within 1% of its all-time high.
However, the bond market experienced a selloff as fears of a labor market slowdown diminished, leading to decreased expectations for further stimulus: Yields for the benchmark 10-year U.S. Treasury note rose by about 10 basis points to as high as 3.97%, the highest mark since early August.
Higher bond yields mean lower bond values, indicating investors are less enthusiastic about the lower-risk asset class as expectations for aggressive interest rate cuts faded.
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