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U.S. jobs grew by 336,000 jobs in September, significantly beating expectations. Continued strong job growth – with figures for previous months being revised upward significantly – does not suggest that supply and demand in the labor market are balancing out. That raises questions about whether the slowdown in wages is permanent. Pressure is growing on the Federal Reserve to raise interest rates again.
There will be no further jobs report until the next FOMC meeting on Oct. 31/Nov 1, which may provide a clearer indication of whether job growth has reaccelerated, contrary to the Fed’s wishes. As a result, inflation data due out next week could be the deciding factor in whether the Fed raises interest rates or waits for more data.
