Growth in private-sector payrolls rebounded strongly in September, according to today’s update from the US Labor Department. The revival isn’t particularly surprising (the crowd was expecting a sizable improvement), although the sharply higher gain is reassuring after August’s weak advance. Indeed, the companies added 236,000 jobs last month, a sizable improvement over August’s revised increase of 175,000 (initially reported as a mere 134,000 gain). It’s unclear if today’s print is a sign of stronger growth to come vs. a one-time payback after an unusually soft month. Only time will tell. Meanwhile, the numbers du jour look quite good.
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