US employers hired more workers than expected in the month of September, while the unemployment rate fell to 3.5%, which points to a tight labor market that has kept the economy for longer. Federal Reserve in its aggressive campaign to tighten monetary policy.
Nonfarm jobs increased by 263,000 last month, the work Department. August data was not revised to stay at the 315,000 jobs added, as previously reported.
Economists polled by Reuters had forecast 250,000 new jobs, with estimates ranging from 127,000 to 375,000.
The unemployment rate stood at 3.7% in August.
With the labor market still tight, wage gains remained strong. Median hourly earnings rose 0.3% after a similar rise in August. This reduced the annual wage increase to 5.0% from 5.2% in August.
The Atlanta Fed’s wage tracker, which controls for composition effects such as skill level, occupation and geography, is above 6 percent.
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