The U.S. economy added substantially more jobs than expected in September, according to a long-awaited report Thursday from the Bureau of Labor Statistics.

Nonfarm payrolls increased by 119,000 in the month, up from the 4,000 jobs lost in August following a downward revision. The Dow Jones consensus estimate for September was 50,000. The July total also was revised down to 72,000, a decrease of 7,000 from the prior release.

In addition to the headline jobs number, the BLS said the unemployment rate edged higher to 4.4%, the highest it’s been since October 2021.

Average hourly earnings increased 0.2% for the month and 3.8% from a year ago, compared to respective forecasts for 0.3% and 3.7%.

The report ends a data drought on the labor market that began in early September and continued through the record 44-day government shutdown. Agencies including the BLS, the Bureau of Economic Analysis and others were prohibited from collecting or releasing data during the period.

This was the first BLS jobs report since the count for August that was released Sept. 5.

Overall, the report shows the labor market entered the autumn months on much the same footing it has been all year – a slow but steady pace, with firms reluctant both to hire many new workers or lay off existing workforce during a time of unusual economic volatility spurred by aggressive policy actions in President Donald Trump’s White House.

A separate Labor Department release Thursday showed that initial jobless claims totaled 220,000 for the week ending Nov. 15, down 8,000 from the prior period and lower than the consensus forecast for 227,000.

Job gains in September came from familiar sources, with health care leading at 43,000, about right on target with its pace over the past year. Bars and restaurants contributed 37,000 while social assistance added 14,000.

On the downside, transportation and warehousing lost 25,000 and federal government, which had been a large contributor to employment growth, was off 3,000, part of a loss of 97,000 on the calendar year.

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A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

The United States is home to the most millionaires of any country, with a tally of 23.8 million in 2024, according to a new report by UBS. The Swiss bank estimated the U.S. minted some 379,000 new millionaires last year, or more than a thousand each day, for an increase of 1.5%.

Mainland China came in second at 6.3 million, up 2.3%, with 141,000 new millionaires. By percentage, Turkey’s millionaire population increased the most with an 8.4% bump to 87,000. 

America extended its lead thanks to a banner year for Wall Street as well as a stable U.S. dollar. The first six months of 2025, however, have been rocky. President Donald Trump‘s trade war and recession fears have roiled markets and weighed on the dollar, which is down about 9% this year.

UBS economist James Mazeau told CNBC it’s too early to say whether U.S. household wealth will grow at a slower rate this year. A weaker dollar spurs wealth growth in countries with non-dollar currencies rather than stalling it in the U.S., according to Mazeau. But he also said American real estate has been resilient and that U.S. equities could end the year slightly higher than where they are now.

“This year could be lower than last year, but it doesn’t mean we’ll have a reversal in fortune and see negative wealth creation,” he said. “I don’t think the engines of growth are dead in the United States — far from it.”

While nearly 40% of the world’s millionaires are based in the U.S., Luxembourg and Switzerland have higher concentrations of wealth. In both countries, more than one in seven adults are worth at least $1 million, according to UBS. 

The worldwide millionaire population rose by more than 684,000 to some 60 million, due in large part to increasing real estate values. However, this growth was disparate geographically, with some countries losing share. Japan, for instance, lost 33,000 millionaires with its shrinking population.

The billionaire count increased modestly to 2,891, but Mazeau noted that there was high turnover. Billionaires lost wealth in 15 of 56 markets in UBS’s sample, with the sharpest declines in the Netherlands and Uruguay. Singapore, Qatar, Greece and Poland recorded the highest gains.

“There can be great reversals of fortune even within that segment,” he said.

Even among the world’s richest people, the wealth is concentrated toward the top. 

UBS estimates some 60 million individuals hold $226.47 trillion combined, nearly half of the world’s global wealth. Within that group are 2,860 billionaires who represent $15.7 trillion in assets. And at the very top, 15 centibillionaires, less than 1% of the group, boast a…

After several years of deep distress, the beleaguered U.S. office market has reached an inflection point. This year, office conversions and demolitions will exceed new construction for the first time in at least 25 years.

Simply put, more office space is being removed than added, shrinking the overall office footprint, according to exclusive new data from CBRE Group. The commercial real estate services firm has been tracking this since 2018, but estimates it may be the first time such a dynamic has played out this century, and likely longer.

CBRE found that across the largest 58 U.S. markets, 23.3 million square feet of space is slated for demolition or conversion to other uses by the end of this year. In comparison, developers are projected to complete construction of 12.7 million square feet of office space in those same markets.

“This net reduction – albeit slight – of office space across major markets likely will contribute to lowering the vacancy rate in the quarters ahead, which would benefit building owners,” said Mike Watts, CBRE Americas president of investor leasing.

All of this is being driven by the fundamental shift in office attendance, resulting from the growing remote-work culture since the start of the pandemic. Office vacancies soared to a record high and still hover right around there at 19%.

But the market is starting to recover. More employers are ordering staff back to the office full-time, and, as the job market tightens, more employees are willing to take what they can get, even if it means more in-person attendance.

Net absorption, which is the amount of space newly occupied in a quarter versus the amount vacated, has been positive for the past four quarters after six straight quarters of being negative. Office-leasing activity increased 18% in the first quarter of this year, compared with the same time frame the year before.

With less supply and steadily increasing demand, office rents should stabilize. For prime office locations and new, so-called Class A space, rent has recovered. Beneficiaries in that space are some of the major office REITs, like Vornado, BXP, Alexandria Real Estate Equities and SL Green.

“The office market will benefit as obsolete space is removed from the market in favor of the highest and best use. Additionally, conversions will boost the vibrancy of neighborhoods within various markets,” said Jessica Morin, CBRE Americas head of office research.

Developers also have another 85 million square feet of office space being readied for conversion in the next few years. Since 2016, office conversions to multifamily residences have generated roughly 33,000 apartments and condominiums, according to CBRE, given that each conversion, on average historically, yields about 170 units. There are about 43,500 units in the pipeline from conversions already underway.

The reduction in office space overall is a positive for commercial real estate, but it will be slow going.

“The conversion trend faces a few headwinds….