The U.S. economy created a much larger-than-expected number of new jobs in September, spotlighting the persistent strength in the national labor market.
According to the Bureau of Labor Statistics, 254,000 new jobs were added last month, topping the consensus estimate of 140,000 positions. This was up from 159,000, which was adjusted higher from 142,000.
The unemployment rate dipped for the second straight month, sliding to 4.1 percent from 4.2 percent.
Food services and drinking places led the employment gains, creating 69,000 new jobs. This was followed by health care (45,000), government (31,000), social assistance (27,000), and construction (25,000). Manufacturing payrolls shed 7,000.
Average hourly earnings rose at a higher-than-expected month-over-month pace of 0.4 percent, down from 0.5 percent in August. Year-over-year average hourly earnings also advanced by 4 percent, up from 3.8 percent in the previous month….