BUSINESS + ECONOMY

Analyst: September jobs report reflects economic stability

Oct 6, 2023, 6:32 AM | Updated: 6:47 am

now hiring jobs report stock photo...

A 'Now Hiring' sign posted outside of a restaurant looking to hire workers on May 05, in Miami. (Credit: Joe Raedle/Getty Images)

(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.

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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Analyst: September jobs report reflects economic stability