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Jobs report shock: American economy added a stunning 336,000 jobs in September
Dow surges by more than 400 points after jobs report
US stocks climbed Friday afternoon, with all three major indexes on track to gain for the week.After starting the day lower, the Dow climbed 412 points, or 1.3%, by early afternoon and is on pace for its largest one-day gain since June.
The S&P 500 added 1.5% and the Nasdaq Composite rose 1.7%.
Biden: Massive September job gains "no accident"
President Joe Biden summed up the stronger-than-expected jobs report in three words on Friday.
"Good news today," Biden said as he approached the podium in the White House Press Room.
He touted the stronger-than-expected September jobs report that showed hiring accelerated by 336,000 jobs last month. When noting an unemployment rate that has remained below 4% for 20 months in a row and labor force gains made by women, minorities and marginalized workers, Biden attributed the strength to his administration's "Bidenomics" efforts.
"It's no accident, it's Bidenomics, we're growing the economy from the middle out, the bottom up and not the top down," Biden said during a press conference. "And inflation's coming down at the same time."
Biden specifically highlighted the employment growth in manufacturing, which added 17,000 jobs last month.
As of September, there were more than 13 million jobs in the manufacturing sector, BLS data shows. About 815,000 of those jobs were created since he took office, Biden said.
"My economic plan is bringing supply chains home and investing in industries of the future so we can make things in America again with American workers," he said.
Restaurant employment finally inches past pre-pandemic levels
Restaurant employment hit a milestone in September, exceeding pre-pandemic levels for the first time.
Restaurants, bars and other food service outlets added a net 60,700 jobs in September, adjusted for seasonal swings, the Bureau of Labor Statistics reported Friday.
That puts restaurant jobs at roughly 30,000 above the February 2020 number, noted the National Restaurant Association, which has been tracking the numbers using data from the BLS.
When bars and restaurants closed their doors in March 2020, many restaurant workers lost their jobs. When eateries reopened, some of them stayed away.
Though the restaurant industry has largely bounced back, the landscape has shifted, with many restaurants focusing on pickup or delivery options, and some large chains experimenting with robots or AI that reduce their reliance on employees.
Data shows that there were fewer restaurants in 2022 than in 2019, and experts think that shrink may be permanent.
Still, there is a need for more workers. According to the BLS’s most recent data on job openings, there were about 1.2 million openings in the accommodation and food services sector in August.
Jobs report shock: American economy added a stunning 336,000 jobs in September
US markets chewed over the latest jobs report showed the economy added a whopping 336,000 positions last month. While that's better than August's tepid figures, it's not exactly the cooling labor market Fed Chair Jerome Powell is looking for to keep inflation in check.
US GDP could reach 28 trillion in 2023. US economy could surpass 30 trillion by the end of 2024 @F-22Raptor @Hamartia Antidote
