The U.S. economy added an astounding 336,000 new jobs in September, more double what the market estimated.
Unemployment was unchanged at 3.8 percent, average hourly earnings dipped to 4.2 percent, and the labor force participation rate was flat at 62.8 percent.
The two most notable trends in the report? Government employment and part-time jobs growth.
First, government payrolls added 73,000 last month. But since social assistance and health care are largely government-related, you could say that government payrolls topped 100,000 in September.
Second, full-time positions tumbled by 22,000 while part-time jobs plunged by 151,000.
While the labor market continues to be red hot, the underlying trends are concerning, mainly that the government is a major job creator this year and part-time jobs are typically precursors to recessions.
One more thing: this was the first jobs report of the year to show upward revisions. Be ready for next month when there are major downward adjustments.
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