The U.S. economy added 103,000 jobs in September, according to a Labor Department report issued this morning, beating Wall Street’s expectations.
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Of course, part of last month’s gain was the result of roughly 45,000 unionized workers returning to Verizon (NYSE:VZ) following a strike, but payrolls were still up over the prior two months by a cumulative 99,000. Payrolls rose by a revised 57,000 in August and by 127,000 in July.
Despite the net increase in jobs in the U.S. over the last few months, job growth remains below what is needed to bring down the unemployment rate, which remained steady at 9.1% in September for the third straight month, just as analysts had expected. The unemployment rate has been hovering within close range of 9% since April 2009.
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Though the economy added jobs last month, with net employment climbing 398,000 to 140 million, unemployment also rose by 25,000 to 14.0 million as the labor force increased by 423,000.
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