In the past 12 months, the U.S. economy added over 2.5 million jobs.
The U.S. unemployment rate fell to 3.7 percent in September 2018. Employers likely added 185,000 nonfarm payrolls on net while the unemployment rate returned to an 18-year low of 3.8%, according to estimates compiled by Bloomberg.
Average hourly earnings showed a 2.8 percent increase since September 2017, meeting Wall Street expectations.
The September Employment Report was solid despite slower than expected job growth. The coming months will indicate whether pay gains and prices will finally surge in response to a historically low unemployment rate, a development Powell says he doesn't expect.
It should also be remembered that by this time in 2008, the job market had been in a six-digit monthly free-fall for half a year.
Analysts on average had expected a decline of unemployment to 3.8% in September, however, the statistics exceeded expectations.
The unemployment rate among young people (under 30) was 15.9 percent, the unemployment rate among women was 13.4 percent.
Last month's job gains would probably have been stronger absent the effects of Hurricane Florence, which impacted especially retail and the leisure and hospitality sectors.
Within healthcare, hospitals showed the most employment growth last month, adding 3,800 more jobs than the 8,200 added in August.
Analysts chalked up the slower hiring to the hurricane and pointed to strength in revisions, which added a total of 87,000 jobs to payrolls in the previous two months.
A cornerstone of Trump's economic policy is strengthening automobile manufacturing in the United States. How numerous new jobs are "good" jobs will become an on-going matter of debate, partly framed by the definition of "good" (which to some analysts includes whether jobs attract regular hours and benefits). But wage increases so far have been modest, something that puzzles economists but allows the Fed to move gradually.