The latest nonfarm payrolls report is the first monthly jobs data since August.
The Bureau of Labor Statistics’ delayed September employment report showed the United States added more jobs than expected, suggesting the labor market could be rebounding.
The economy created 119,000 new jobs, up from the downwardly revised 4,000 decline in August, according to the nonfarm payrolls report released on Nov. 20.
The unemployment rate ticked up to 4.4 percent—the highest since October 2021—from 4.3 percent.
Economists had forecast 50,000 new jobs and a jobless rate of 4.3 percent.
Despite the six-week government shutdown, the bureau confirmed that data collection proceeded on schedule, aided by businesses continuing to self-report electronically throughout the spending impasse.
“As a result, the establishment survey collection rate (80.2 percent) for this initial release of September 2025 data is higher than usual,” the bureau said.
Health care led payroll gains, adding 43,000 jobs. This was followed by food services and drinking places (37,000) and social assistance (14,000).
Employment in transportation and warehousing fell by 25,000, while manufacturing erased 6,000 positions.
Additionally, the number of individuals working two or more jobs remained near all-time highs, rising to 8.802 million.
Market Reaction
Stocks rocketed following the September jobs report.
The blue-chip Dow Jones Industrial Average and the tech-driven Nasdaq Composite Index surged about 400 points. The broader S&P 500 climbed almost 100 points, or 1.5 percent.
Yields on U.S. Treasury securities were mixed, with the benchmark 10-year yield firming above 4.14 percent.
The U.S. dollar index, a measure of the greenback against a weighted basket of currencies, fell about 0.1 percent. Despite the Nov. 20 decline, the index continues to chip away at this year’s losses, poised to register a 1 percent weekly gain. Year-to-date, the index has slumped 7.7 percent, down from the 11 percent high this past summer.
“The one-two punch of a stellar Nvidia earnings report last night and a better-than-expected September jobs report this morning should give the market a boost, given that it directly addresses the two biggest concerns of the bears: an AI bubble and a moribund economy,” Chris Zaccarelli, CIO for Northlight Asset Management, said in a note emailed to The Epoch Times.
By Andrew Moran
