U.S. job growth in September was stronger than expected, with 254,000 jobs added. Economists had predicted only 140,000 new jobs, so this was a positive surprise. The Labor Department also revised August’s numbers upward, from 110,000 to 159,000 new jobs.
The unemployment rate fell slightly, from 4.2% to 4.1%, which means more people have jobs. Wages also increased by 0.4% in September, leading to a 4.0% rise in wages over the past year, showing that people are earning more money overall. This is a sign that the economy is doing well, even though interest rates have been high.
The Federal Reserve recently lowered interest rates by half a percentage point, but they may take a slower approach to further cuts. Fed Chair Jerome Powell has said the central bank doesn’t feel the need to lower rates quickly, because the job market remains strong.
While the job market is still healthy, the pace of hiring has slowed a bit due to more people entering the workforce, especially because of increased immigration. Despite this, layoffs are low, which is good for consumer spending and economic growth.
Some events, like the recent Boeing strike and damage caused by Hurricane Helene in the Southeast, could temporarily affect the economy. However, since the U.S. economy is performing better than expected, policymakers will likely be cautious with any future rate cuts.
Currently, financial markets think there’s a 71.5% chance of a small interest rate cut at the Federal Reserve’s November meeting. However, the chances of a bigger cut are lower.
Last 10 years Unemployment Rate in India 2024
| Year | Unemployment Rate (%) |
|---|---|
| 2024 | 9.2 (June 2024) |
| 2023 | 8.003 |
| 2022 | 7.33 |
| 2021 | 5.98 |
| 2020 | 8.00 |
| 2019 | 5.27 |
| 2018 | 5.33 |
| 2017 | 5.36 |
| 2016 | 5.42 |
| 2015 | 5.44 |
| 2014 | 5.44 |
| 2013 | 5.42 |
| 2012 | 5.41 |
| 2011 | 5.43 |
| 2010 | 5.55 |
| 2009 | 5.54 |
| 2008 | 5.41 |
Unemployment Rate in India State Wise
| State/UT | UR (in%) |
|---|---|
| Lakshadweep | 11.1 |
| Goa | 9.7 |
| Andaman & N. Island | 9.7 |
| Kerala | 7 |
| Haryana | 6.1 |
| Punjab | 6.1 |
| Ladakh | 6.1 |
| Meghalaya | 6 |
| Puducherry | 5.6 |
| Arunachal Pradesh | 4.8 |
| Manipur | 4.7 |
| Uttarakhand | 4.5 |
| Rajasthan | 4.4 |
| Telangana | 4.4 |
| Jammu & Kashmir | 4.4 |
| Himachal Pradesh | 4.3 |
| Nagaland | 4.3 |
| Tamil Nadu | 4.3 |
| Andhra Pradesh | 4.1 |
| Chandigarh | 4 |
| Bihar | 3.9 |
| Odisha | 3.9 |
| All India | 3.2 |
| Maharashtra | 3.1 |
| Dadra & Nagar Haveli & Daman & Diu | 2.5 |
| Chhattisgarh | 2.4 |
| Karnataka | 2.4 |
| Uttar Pradesh | 2.4 |
| Mizoram | 2.2 |
| Sikkim | 2.2 |
| West Bengal | 2.2 |
| Delhi | 1.9 |
| Assam | 1.7 |
| Gujarat | 1.7 |
| Jharkhand | 1.7 |
| Madhya Pradesh | 1.6 |
| Tripura | 1.4 |
