The Bureau of Labor Statistics released its Employment Situation Summary report for September on Friday. The report showed that the US economy added 254,000 jobs in the past month, surpassing even the most optimistic expectations.
The total nonfarm payroll employment in September increased by 95,000 compared to the revised 159,000 jobs added in August. The number also came significantly higher than the estimate of 150,000 by economists.
The revised figures for July and August show that 72,000 more jobs were added in those two months than originally reported.
Strong job creation caused the wages to go up. Hourly wages increased by 0.4% on average and saw a 4% year-over-year increase. Economists, on the other hand, projected 0.3% and 3.8% increase, respectively.
Unemployment slightly went down as well. According to the Bureau of Labor Statistics, the unemployment rate in the US in September was at 4.1% compared to 4.2% in the previous month.
Experts agree that strong numbers indicate that the US economy is much healthier than previously assumed.
“The bottom line is it was a very good report. You get upward revisions, and it tells you the job market continues to be healthy, and that means the economy is healthy,“ Kathy Jones, chief fixed income strategist at Charles Schwab, commented in the report for CNBC.