Commentary
September jobs printed at 263,000 new jobs, somewhat above the consensus estimate of 250,000 jobs. That’s 52,000 fewer jobs  than were created in August 2022 and 161 fewer jobs than September 2021. July revisions added another 11,000 jobs; August was unrevised. It is generally believed that 200,000–250,000 jobs are required to accommodate population growth.
The unemployment rate was 3.5 percent, down 0.2 percentage points from last month and down 1.2 percentage points from 4.7 percent last September. The labor force participation rate was 62.3 percent, down from 62.4 percent that printed in August and up 60 basis points (bps) from last September, when it printed at 61.7. (A basis point is defined as 1/100th of a percentage point.)…