US economy added 254K jobs in September, well above expectations

foxbusiness.com:

Nicholas Wealth Management CEO David Nicholas explains how the port strike could affect the stock market and overall economy on Varney & Co.

U.S. job growth picked up in September, beating economists' expectations, while the unemployment rate was little changed.

The Labor Department on Friday reported that employers added 254,000 jobs in September, well above the 140,000 gain that was predicted by LSEG economists.

The unemployment rate declined slightly from a month ago to 4.1%.

The number of jobs added in the two prior months were both revised upward, with job creation in July revised up by 55,000 from a gain of 89,000 to 144,000, while August was revised up by 17,000 from a gain of 142,000 to 159,000.

FED'S POWELL: POLICYMAKERS NOTED ‘ARTIFICIALLY HIGH’ JOBS DATA, REVISIONS IN RATE CUT DECISION

The September jobs report surpassed economists' expectations, with 254,000 jobs added. (Photographer: Angus Mordant/Bloomberg via Getty Images / Getty Images)

Private sector payrolls grew faster than LSEG economists' expectations, with 223,000 jobs added against a prediction of 125,000. Manufacturing payrolls declined by 7,000 in September, a steeper drop than the decrease of 5,000 that was estimated.

Employment at food and drinking establishments rose by 69,000 in September – well above the average monthly gain of 14,000 over the past 12 months. Job growth in the health care industry slowed to 45,000 last month after averaging 57,000 a month over the past year.

CONSUMER CONFIDENCE FALLS, SHOWING LARGEST DECLINE IN 3 YEARS

Average hourly earnings for all employees on private nonfarm payrolls increased by 13 cents, or 0.4%, to $35.36 an hour. That brings gains over the past 12 months through September to 4%.

The labor force