September Jobs Report Will Test the Fed’s View of Labor Market Stability

The September jobs report, due Friday, Oct. 2, at 8:30 a.m. ET (12:30 p.m. UTC), will give markets another reading on hiring as Federal Reserve officials weigh employment conditions against inflation that remains too high.

Payroll estimates range from 84,000 to 95,000, and all cited forecasts put the unemployment rate at 4.1%. August payrolls increased by 162,000, while revisions added a combined 55,000 jobs to June and July.

The report will also include wage data, providing another measure of labor-market conditions. A result near the forecasts would fit the recent picture of steady but moderate job growth, while a substantial surprise could shift that assessment.

Federal Reserve Vice Chair Philip Jefferson said Thursday, Oct. 1, that labor-market conditions had stabilized, with layoffs low and job openings moving higher overall. He also said inflation had remained too high for too long.

New York Fed President John Williams said Tuesday, Sept. 29, there was “no need for urgency” after the Fed’s September policy move and that officials had time to gather more information.

The report is scheduled for Friday, Oct. 2.