The US unemployment rate drops to 4.1%, hitting a six-month low, with significant revisions to employment data

According to the latest published economic data, the US labor market has received positive news. The unemployment rate for September 2024 exceeded expectations, registering at 4.1%, the lowest point since the first half of the year, indicating that the employment market remains relatively resilient.

Unemployment Rate Drop Surpasses Expectations, Clear Signal of Employment Recovery

The decline in the US unemployment rate in September was somewhat unexpected. This figure reflects ongoing recovery in the labor market, despite multiple challenges to economic growth, the labor market continues to improve gradually. Previously, market expectations for the unemployment rate trend were relatively cautious, and the actual data’s strong performance has sent a positive signal to the market.

Employment Data for the First Two Months Revised, Significant Upward Adjustment

In addition to the September unemployment rate data, the authorities also made significant revisions to the non-farm employment additions for the previous two months. According to the latest data, non-farm employment additions in July were revised upward from 89,000 to 144,000, an increase of 55,000; August’s non-farm employment additions were revised from 142,000 to 158,000, an upward adjustment of 16,000. After the revisions, the total new employment for July and August is 72,000 higher than the previous figures.

This level of revision is quite rare in recent times, indicating that the actual performance of the US employment market during the summer was better than the initial published figures. Data revisions usually reflect delayed statistical improvements, and this upward adjustment suggests that the recovery strength of the labor market is relatively solid.