September’s Employment Situation report demonstrated signs of strength in the labor market. Nonfarm payroll growth rebounded in September with 248,000 jobs added—the fastest pace since June—bringing the average monthly gain to 227,000 per month since January. Gains were driven by professional and business services (up 81,000), retail trade (up 35,000), and health care services (up 23,000). Revisions to the previous two months’ estimates added 69,000 jobs on net—July was revised up from an increase of 212,000 to an increase of 243,000, and August was revised up from an increase of 142,000 to an increase of 180,000.
