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US economy added 336,000 jobs last month, almost twice what was expected

09 Oct 2023 - {{hitsCtrl.values.hits}}      

CNN: The US economy added an estimated 336,000 jobs last month, blowing expectations out of the water, according to Bureau of Labour Statistics data released Friday.
It’s the largest monthly employment increase since January and is significantly above August’s net gain of 227,000 jobs, a total that was revised up by 40,000 from initial estimates.


Job growth in the height of the summer was hotter than initially thought: In addition to August’s upward revisions, July’s gains were revised up by 79,000 to 236,000.
“The job market is tinder-box hot,” said Sung Won Soh, professor of finance and economics at Loyola Marymount University and chief economist at SS Economics.


In September, leisure and hospitality helped drive job growth higher, with 96,000 jobs added. That’s above the pace of 61,000 jobs a month that this sector has seen during the past 12 months, according to the BLS report. Government jobs also saw a hefty boost, rising by 73,000. 
The job growth occurred across all major sectors. 

President Joe Biden touted the stronger-than-expected report on Friday. “It’s no accident, it’s Bidenomics, we’re growing the economy from the middle out, the bottom up and not the top down,” Biden said during a press conference. “And inflation’s coming down at the same time.”