What to expect from the September jobs report – By Megan Henney (FOX Business) / Oct 5, 2023
September jobs report may point to resilient labor market that is ‘cooling beneath the surface’
All eyes will be on the September jobs report when it is released Friday morning as investors look for clues about the labor market’s health in the face of higher interest rates and sticky inflation.
The Labor Department’s high-stakes September payroll report, due at 8:30 a.m. ET, is projected to show that hiring increased by 170,000 last month and that the unemployment rate ticked down to 3.7%, according to a median estimate by Refinitiv economists.
That would mark a drop from the 187,000 gain in August and the 271,000 monthly average recorded over the previous 12 months. However, it is slightly above the average pre-pandemic monthly increase.
“While job growth likely showed resilience in September, the jobs report is poised to reveal some cooling beneath the surface with private sector hiring downshifting and wage growth slowing further,” said Lydia Boussour, EY senior economist.
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