September's NFP shows a robust 336k payroll rise📈

Friday's NFP release saw payrolls increase by 336k in September, nearly 2x stronger than expectations for the largest monthly increase since January. Prior revisions were revised up to 227k (+40k) for August, and 236k (+79k) for July, painting a strong labour picture all around. The service sector led the way with a 234k jump in jobs, followed by leisure and hospitality with a 96k gain, and education and health with a 70k jump. Offsetting the strong gains was a 7-month high in unemployment rates at 3.8%, and softer average hourly earnings growth at 0.2% (vs 0.4% in July). Finally, the labour force also further increased by 90k after August's 736k surge, as employees, with participation rate steady at 62.8%, as workers have started to repopulate the workforce as economic conditions slowdown.

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