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US adds 263,000 jobs in September, unemployment unexpectedly falls to 3.5%

The US economy added 263,000 jobs in September, above the market estimate, while the unemployment rate unexpectedly decreased to 3.5%, the Labor Department announced on Friday.

 

The market expectation for nonfarm payrolls was a 250,000 hike in September.

 

Job additions for August stood at 315,000, according to data from the Bureau of Labor Statistics.

 

The unemployment rate, on the other hand, fell to 3.5% in September from 3.7% in August.

 

The market expected no change compared to a month ago.

 

The number of unemployed people in the US edged down to 5.8 million, according to the Labor Department.

 

The labor force participation rate stood at 62.3% in September.

 

Due to the coronavirus pandemic, more than 22 million people in the world’s largest economy lost their jobs in March and April 2020.

 

Source: Anadolu Agency