美国9月就业数据：经济与政策不确定性未能出清

Employment Data Summary - In September 2025, the U.S. added 119,000 non-farm jobs, significantly exceeding the expectation of 50,000[6] - The unemployment rate rose to 4.4%, up from 4.3% in August 2025[6] - Average hourly earnings increased by 0.25% month-on-month, down from 0.41% in the previous month[6] Sector Contributions - The service sector contributed the most to job growth, adding 87,000 jobs, with education and healthcare accounting for 59,000 jobs and leisure and hospitality for 47,000 jobs[8] - Professional and business services saw a decline of 20,000 jobs, marking a continuous decrease over five months[6][8] - Construction and retail sectors also contributed positively, with 19,000 and 14,000 jobs added respectively[8] Labor Market Trends - The three-month moving average for job additions is approximately 62,000, indicating a downward trend[6][9] - The labor force participation rate slightly increased to 62.4%[6] - The number of unemployed individuals rose to 7.6 million, reflecting a significant increase in discouraged workers[6][15] Economic Outlook - The Federal Reserve is expected to continue lowering interest rates if the job market weakens further, with a target endpoint rate of 3% under baseline conditions[6] - The upcoming December data release is critical for assessing the employment trend and potential policy adjustments[6]