Data from the U.S. Bureau of Labor Statistics released this morning showed 943,000 nonfarm payroll gains last month, with the unemployment rate falling to 5.4%. The payroll increase was the best since August 2020.
Economists surveyed by Dow Jones had been looking for 845,000 new jobs and an unemployment rate of 5.7%. However, estimates were diverse amid conflicting headwinds and tailwinds and an uncertain path ahead for the economy.
Average hourly earnings also increased more than expected, increasing by 0.4% for the month (and up from 4% the same period last year).
The data reveals that the economy continues to inch closer to pre-pandemic shape and may soon be ready to run with reduced support from the Federal Reserve.
Get instructions on how to enable our Flash News Briefing skill to your Amazon devices:
Quarterly Commentary: 2021 Third Quarter
»