Total payroll employment increased by 248,000 in September, according to the BLS Employment Situation report released this morning. This is a welcome increase after last month’s disappointing numbers. In addition, the August and July numbers were revised upwards by 38,000 and 31,000, respectively. It appears that last month’s reported numbers were both undercounted and simply a blip in the trend, as job growth has picked up again.
One notable downside is that wages grew not at all in the last month. While one shouldn’t read too much into one month, wage growth has been hovering around a sluggish 2 percent over the last year. This is a clear indication that the Federal Reserve should hold off on any efforts to slow the economy down.