September Jobs Report: US economy added 119,000 jobs amid economic uncertainty
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The US economy added jobs in September amid uncertainty about economic conditions, but job creation rates remained subdued and added to signs of a weak labor market.
The Ministry of Labor on Thursday reported that employers Added 119,000 jobs In September, the figure was above the estimates of economists polled by LSEG.
This page Unemployment rate rose to 4.4% in September, which was higher than expected by economists.
Originally scheduled for release on Oct. 3, the September jobs report was delayed by a month and a half due to the 43-day government shutdown, hard workers at the Bureau of Labor Statistics (BLS) are responsible for compiling the report.
Jobe uzungu in these two months was revised with the September report, with the creation of job opportunities in July renewed by 7,000 from 79,000 to 72,000 to 72,000 to 72,000; While August Job Creation August Job Creation was revised down by 26,000 from a gain of 22,000 to a loss of 4,000.
Taken together, employment in July and August combined was 33,000 lower than previously reported.
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Private payrolls added 97,000 jobs in September, which was above the lseg estimate of 62,000.
Government payrolls increased by 22,000 jobs in September after declining by the same amount in August. State governments added 16,000 jobs and local governments added 9,000 jobs, while the federal government shed 3,000 jobs in September.
The Bureau of Labor Statistics noted that Federal employment is down 97,000 jobs since peaking in January. It also noted that Federal employees on paid leave or receiving continued severance pay are counted as employed in the Institute’s establishment survey.
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The unemployment rate topped out at 4.4% in September. (Al Dragon/Bloomberg via Getty Images/Getty Images)
The manufacturing sector lost 6,000 jobs in September, a smaller decline than the 8,000 loss estimated by LSEG Ecothon. Overall, the manufacturing sector shed 94,000 jobs on an adjusted basis last year.
Health businesses added 42,800 jobs in September, which was slightly higher than the 12-month average a year ago, led by gains in outpatient health services (+23,300) and hospitals (+16,400).
Food and beverage services added 36,500 jobs in September, while the social services industry gained 14,300 jobs for the month.
Transportation and storage lost 25,300 jobs in September, driven by the loss of storage and maintenance (-10,700) and couriers and couriers (6,700).
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The labor force participation rate was 62.4% in September, little changed from the previous month and year. The employment rate was also slightly changed in September at 59.7% – although down 0.4 percentage points from a year ago.
The number of long-term unemployed, defined as being out of work for 27 weeks or more, was little changed at 1.8 million in September. The long-term unemployed account for 23.6% of all people who are unemployed for a month.
Workers who were hired partly for economic reasons were little changed at 4.6 million in September. Those people would have preferred a full-time job but were working part-time because their hours were reduced, or they were unable to find full-time jobs.
The number of people working multiple jobs increased by 17,000 in September and represented 5.4% of total employment for the month.
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Fed chair Jerome Powell signs the Central Bank is divided on the timing of future interest rate cuts. (Jim Watson/AFP/Getty Images/Getty Images)
Delized September’s report comes as the Federal Reserve weighs whether to cut interest rates for a third consecutive meeting in December, amid uncertainty about the labor market and rising inflation.
Policymakers opted for 25 basis point cuts at their meetings in September and October despite inflation remaining above the target rate of 2% and rising labor markets.
Nancy Vanden Houten, head of economics at Oxford Economics, said “the September Jobs report may be looking back but it gives confirmation that Labor Reserch.”
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The BLS announced that the October Jobs report will not be released on a standalone basis, as agency staff failed to compile an important part of the report during the government shutdown. It will instead include some information about October in the November jobs report when it is released next month.
