The US economy added 254,000 jobs in September 2024, significantly exceeding the 140,000 forecast by economists. This marks a robust rebound in the labour market following slower growth in previous months. The unemployment rate remained relatively stable, edging down to 4.1% from 4.2%.
Private sector hiring was a major driver of this increase, with 223,000 positions added. Notably, employment in food services and drinking establishments surged by 69,000 jobs—far above the monthly average over the past year. However, manufacturing payrolls saw a decline of 7,000 jobs.
This strong job growth, coupled with upward revisions for July and August, has reassured analysts that the labour market remains resilient. The average hourly wage also rose by 0.4%, bringing the annual wage growth to 4%, further boosting consumer spending power.