By Axios | Created at 2024-10-04 12:39:59 | Updated at 2024-10-08 00:28:39
3 days ago
The economy added a blowout 254,000 jobs last month, while the unemployment rate ticked down to 4.1%, the Labor Department said on Friday.
Why it matters: The big gain is a relief after previous data suggested the job market was sluggish. The new report should ease fears of a labor market slowdown.
By the numbers: The government said payroll gains were stronger in recent months than previously thought: July's job gains was revised up to 144,000 from 89,000.
- August was revised up by 17,000 to 144,000.
The big picture: The Fed cut interest rates by a super-sized half percentage point last month, a move that cemented their focus on the labor market—not just inflation, as has been the case in recent years.
- The Fed chair Jerome Powell characterized the job market as "solid" and the rate cut was intended to make sure the Fed keeps the labor market steady.
Go deeper: The no-hire, no-fire labor market
Editor's note: This is a developing story. Check back for updates.
