The U.S. economy posted stronger-than-expected job growth in September, adding 254,000 jobs, well above economists’ projections of 140,000.
The unemployment rate dropped to 4.1% from 4.2%, with service industries such as health care and leisure leading the gains. Despite concerns about inflation, the labor market’s resilience suggests a soft landing may still be achievable, as employers continue to hire at a robust pace.
Goods-producing industries saw mixed results, with construction hiring up 25,000 jobs but manufacturing shedding 7,000 positions. Experts believe this signals ongoing economic stability and a lower likelihood of a recession.