The US economy added 263,000 jobs in September

Bureau of Labor Statistics (BLS) data shows 263,000 jobs were added to the U.S. economy in September, down from 537,000 jobs added in August. Last month, the market predicted 250,000 new jobs.

A drop from 3.7 percent in August has lowered the unemployment rate to 3.5 percent. Economists had expected this result.

62.3% of the labor force participated in the labor market. The February 2020 value is 1.1 percentage points lower. Year-over-year, average hourly earnings declined from 5.2 percent to 5 percent. The average weekly hourly rate remained at 34.5.

Leisure and hospitality (83,000) and healthcare (60,000) were the two industries with the greatest job gains in the total nonfarm payroll report. Additionally, 46,000 new jobs were created in professional and business services, 22,000 in manufacturing, 19,000 in construction, and 11,000 in wholesale trade.

“Today’s jobs report indicates the job market is chugging along, albeit at a slower pace, as available jobs still outnumber job seekers 1.7 to 1, and employer demand for talent remains elevated,” said Cody Harker, head of data and insights at Bayard, a recruitment advertising agency, in a note following the job numbers.

7 October 2022