Job Growth Surges in September

U.S. job growth surged in September, and the unemployment rate dropped to its lowest level since July 2008.

Employers added a seasonally adjusted 248,000 for the month, the government reported on Oct. 3. The unemployment rate, taken from a seperate household survey, dipped to 5.9 percent.

The monthly jobs report also showed revisions to numbers reported in previous months. The economy added 180,000 jobs in August instead of the initially reported 142,000. It also created 243,000 jobs in July, up from an earlier estimate of 212,000, the U.S. Labor Department reported.

Despite the strong growth number, roughly 9.3 million workers were still searching for jobs in September. Also, 7.1 million were stuck in part-time work because they were unable to find a full-time job.

Additionally, the share of U.S. workers in the labor force remains near a three-decade low, the government's report showed. The labor force participation rate fell to 62.7 percent from 62.8 percent.

Workers wages also failed to increase. Average hourly earnings for private-sector workers fell to $24.53, and earnings were up 2 percent compared with the year-earlier period.

For additional coverage of the jobs report, check out the Wall Street Journal, The New York Times and Business Insider.