(Bloomberg) -- Here are the key takeaways from the US employment report for September released Friday:
- Job growth last month topped all estimates, the unemployment rate unexpectedly declined and wage growth accelerated; nonfarm payrolls increased 254,000 in September, the most in six months, following an upwardly revised 72,000 advance over the prior two months
- The unemployment rate fell to 4.1% and hourly earnings increased by 0.4% month-over-month; the 4% year-on-year average hourly earnings gain matched the best since March. Unemployment for major ethnic groups — Black, White, Hispanic — fell, while the Asian unemployment rate held steady
- The so-called underemployment rate — which includes those working part-time for economic reasons and discouraged workers — fell to 7.7% in September, the first decline in nearly a year. The participation rate — the share of the population that is working or looking for work — came in at 62.7% for a third month. The rate for workers ages 25-54, also known as prime-age workers, dropped to 83.8%.
- The number of job losers (or people being laid off) actually declined in the month. The data set for “job losers and persons who completed temporary jobs” fell by 95,000.
- Stocks, the dollar and Treasury yields rose after the data, and pricing in the swaps market showed traders paring bets on a Fed interest-rate cut larger than a quarter-point in November.
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