An increase of 248,000 jobs last month took the unemployment rate below 6 percent for the first time since July 2008 and sent the three major stock indices up more than 1 percent.
The government, which on Friday released its September report, attributed the unemployment rate's decline by 0.2 percentage points during the month to gains in professional and business services, retail trade and health care.
"It was a pretty good report," said Joseph Foudy, a business professor at New York University. "The fact that job growth was in a range of sectors tells you it's not just a one- or two-industry story."
The employment figures for July and August were also revised upward, adding 69,000 jobs. The revision boosted the average number of job increases for the past three months to 224,000. And for the 12 months prior to September, employment growth averaged 213,000 jobs per month.
Peter Cappelli, a management professor at the Wharton School of the University of Pennsylvania, called the revisions "very good news" in that they indicate job formation has been doing better than previously indicated.
The gains weren't just limited to service industries but spread throughout the private sector "where you'd hope to see them," Cappelli added.
The month also saw the number of unemployed decrease by 329,000, to 9.3 million, which reduced the year-over-year unemployment rate by 1.3 percentage points and the number of unemployed by 1.9 million.
Investors responded by sending the Dow Jones industrial average up 1.24 percent, to close at 17,009.69. The Standard & Poor's 500 rose 1.12 percent, to close at 1,967.90, while the Nasdaq climbed 1.03 percent, to 4,475.62.
The report wasn't completely trouble free, however.
The number of long-term unemployed — those jobless for 27 weeks or more — held steady at 3 million.
"It's going to be tough for them to get back in even when the economy improves," Foudy said. "Some will give up the search and retire, which does bring down the unemployment but for all the wrong reasons."
Another indicator of economic slackness was a 1-cent decline in average hourly earnings, to $24.53.
"Wages won't start rising until the labor market tightens up," said Harry Holzer, a former Labor Department chief economist who teaches public policy at Georgetown University. "But with monthly job increases of 250,000 or so, that's not going to happen until next year."
The economy, meanwhile, should continue to improve at a pace Holzer called "slow and steady."
The lingering slackness suggests the Fed may not raise interest rates as soon as conventional wisdom has it.
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