Outstanding jobs report post-Fed cut

Fri, 10/02/2024

by Ellie LeTu

Source: WSJ

• September jobs report exceeded expectations

  • 254,000 new jobs in September.

  • Unemployment down for the second straight month to 4.1%.

  • New data boosted job creation estimates in July and August by 72,000 too.

• Driven by robust consumer spending

  • Retail, dining, and travel growth powered September’s strong hiring data.

  • An exploding stock market, recent wage growth, and lower gas prices are propelling spending forward.

  • Americans continue to spend like crazy post-pandemic. 

• Some pockets of weakness remain

  • Manufacturing, tech, and finance hiring remains slow.

  • These sectors are weighed down by high interest rates and the unpredictable nature of the global economy.

  • Still, those sectors have shown signs of improvement.