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U.S. Hiring Bolsters the Case for Another Fed Rate Hike

Despite Wednesday’s ADP data, BLS stats out today show U.S. nonfarm payrolls increasing in September by the most of 2023.

By Reade Pickert | October 06, 2023 at 02:31 PM
Photo: An American flag above employees at a factory in Wichita, Kansas. Photographer: Luke Sharrett/Bloomberg An American flag above employees at a factory in Wichita, Kansas. Photographer: Luke Sharrett/Bloomberg.

U.S. employment unexpectedly surged in September, illustrating a durable labor market and bolstering the case for another Federal Reserve interest rate hike.

Nonfarm payrolls increased by 336,000 last month—the most since the start of the year—after sizable upward revisions to the prior two months, a Bureau of Labor Statistics (BLS) report showed Friday. The unemployment rate held at 3.8 percent, and wages rose at a modest pace.

Treasuries fell, extending a selloff in government securities that has rapidly pushed up yields over the past month and threatens to undercut the economy by driving up borrowing costs. Traders boosted bets on a Fed hike by year-end, while the S&P 500 opened lower and the dollar strengthened.

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