The American employers accelerated the pace of hiring in the month of September, pushing the rate of unemployment to a six-year low.
The employment report, released by the US Labor Department on Friday, bolsters bets that the Federal Reserve will certainly hike the interest rates in mid-2015.
The economists and the market analysts see the report very crucial gauge as it presents the country’s economic health ahead of November 4 congressional elections.
The US non-farm payrolls increased by 248,000 in September, while the jobless rate plunged two-tenths of a point to 5.9 percent, which is the lowest ever since July 2008, according to the Labor Department report.
The employers also added around 69,000 more jobs in the months of July and August than first reported by the government.
Robert Shapiro, an economist at Sonecon, said, “September’s jobs report shows, at long last, what employment growth looks like in a balanced economic expansion.”
The September job data emerged stronger than the 215,000 jobs as predicted by the Wall Street economists. Meanwhile, the investors doubled down on bets that the Federal Reserve will move towards hiking the interest rates in mid-2015. In order to boost investment and expedite the hiring process, the Fed has kept benchmark rates near zero since 2008.
“This report was strong across the board. The labor market continues to grow fast enough to keep pushing the unemployment rate down,” said Dean Maki, chief US economist at Barclays Plc in New York.
With 81,000 new jobs, the business services added the most number of employers in September, compared to an average gain of 34,000 in the previous 12 months. The sectors including construction, health care and retail trade added 16,000, 23,000 and 35,000 jobs respectively. However, the employment in all other sectors, including the government, was reported slightly up or little changed.