US employers added 29,000 jobs in September, according to figures released on Friday by the Bureau of Labor Statistics. The unemployment rate was 4.2%, compared with 4.1% in August.
The monthly gain was below the 45,000 jobs added on average over the previous 12 months. Economists surveyed by Reuters had expected about 90,000 new jobs. The figures point to slow hiring, although the Bureau of Labor Statistics described both payroll employment and the unemployment rate as having changed little over the month. (bls.gov, reuters.com)
Earlier job gains revised down
The revisions to July and August added to the weaker picture. July’s estimate changed from a gain of 21,000 jobs to a loss of 10,000. August’s gain was reduced from 162,000 to 133,000.
Together, those changes put employment for the two months 60,000 jobs below the figures previously reported. The agency said monthly estimates are revised as it receives more information from employers and government agencies. (bls.gov)
Where jobs were added
Healthcare added 17,000 jobs in September, continuing a rise in employment but at a slower pace than its average over the past year. Construction added 11,000 jobs and manufacturing added 9,000; the statistics agency described employment in both industries as little changed for the month.
Financial activities lost 7,000 jobs. Employment also changed little in most other major industries, including retail, transport, hospitality and government. (bls.gov)
Unemployment and wages
About 7.1 million people were unemployed in September. The labor force participation rate stood at 61.8%, while the share of the population in work was 59.2%. Both measures changed little.
Average hourly earnings for employees on private payrolls rose by five cents to $37.81. That was an increase of 0.1% for the month and 3.0% over the year. The figures measure pay before accounting for changes in consumer prices. (bls.gov)
The jobs report gives a mixed picture: hiring was weak and earlier gains were cut, but the unemployment rate remained within the narrow range recorded since March. One month of data does not establish whether the labour market will weaken further. The next report, covering October, is due on 6 November. (bls.gov)
