WASHINGTON—U.S. employers added 119,000 jobs in September—a stronger-than-expected rebound after earlier reports signaled cooling labor demand.
The release is the first official employment snapshot since last week’s end to the government shutdown, which halted labor data for six weeks.
"The September jobs data was a mixed bag that does not provide any clarity for the FOMC’s December rate decision. Job growth beat expectations, but the pattern of downward revisions to prior months continued,” noted America's Credit Unions Chief Economist Curt Long.
Meanwhile, the unemployment rate ticked up to 4.4% and “seems poised to reach or surpass the FOMC’s year-end forecast of 4.5%,” Long said.
“That was enough for the committee to pencil in another rate cut, but more recently the hawks have begun to dig their heels in,” he said. “There is still a case for cutting, but it likely is not strong enough to move a sufficient portion of the committee. As high rates weigh on consumer sentiment, loan demand, and overall spending, the low borrowing rates served up by credit unions are helping to keep the economy and consumers afloat.”