In addition to showing that September’s count was a storm-influenced aberration, the Bureau of Labor Statistics report coincides with other data indicating economic momentum. Gross domestic product grew by 3 percent in the third quarter, according to the government’s first estimate, and CNBC’s tracker shows the fourth quarter on pace to rise 2.8 percent.
The report comes as the Federal Reserve is expected to hike its benchmark rate another quarter point in December. However, the central bank has been wary over the lack of inflation, particularly in the average hourly earnings component of the nonfarm payrolls count.
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