Analyst: September jobs report reflects economic stability
Oct 6, 2023, 6:32 AM | Updated: 6:47 am
(Credit: Joe Raedle/Getty Images)
SALT LAKE CITY — US employers added 336,000 jobs in September 2023, according to the monthly report released from the Bureau of Labor Statistics.
— BLS-Labor Statistics (@BLS_gov) October 6, 2023
Analysts say the numbers reflect signs of resilience in the economy, as many economists expected a lower number of new jobs added last month.
Jobs report shows resilience, stability
Robert Spendlove, senior economist at Zions Bank, sees stability in the numbers.
“Unemployment rate stayed the same at 3.8%, so we see that’s kind of stable,” he told Utah’s Morning News on KSL NewsRadio. “It increased – had a little bit of a jump last month, and this month it held steady.”
He expects the Federal Reserve to continue to raise interest rates to fight inflation amid a strong economy.
“The Fed is trying to slow down the job market, trying to slow down the overall growth of the economy. But what this report shows is that the economy continues to be really strong, the labor market is really strong. So that means the Fed has to keep those rates higher for longer,” he added.
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