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Key Points
The unemployment rate ticked down to 4.1%, a welcome contrast to the year-long increasing trend. Payroll jobs increased by 254,000 in September, while July and August were revised upward, bringing the three-month average gain to 186,000. Despite a healthy gain this month, the labor market’s ongoing rebalancing toward a soft landing remains fragile.
The September jobs report shows that even after a year-plus of slowing, the labor market remains in good shape, delivering broad job gains and meaningful wage increases while maintaining a sustainable balance between employer demand and worker supply. After substantial upward revisions to