The Latest Numbers From the BLS Employment Situation Report
The US economy added 156,000 jobs in September, and the unemployment rate unexpectedly edged higher, according to data released Friday by the Bureau of Labor Statistics. The unemployment rate, which has held at 4.9 percent since the spring, inched up to 5 percent as the labor participation rate inched up.
The unexpected slowing of growth for US employment – for the third straight month – could make the Federal Reserve more cautious about raising interest rates.
This month’s employment report will be pivotal because it is among the most significant economic data the Federal Reserve reviews before deciding whether to raise interest rates. While the Fed is looking at a variety of indicators to guide their decision on whether or not to raise the interest rate, this jobs report will have one of the heaviest influences. It seems that traders assign a 60% chance of a lift in the rate in December. Friday’s employment report will be the last before the Fed’s Nov. 1-2 policy meeting but some say a decision might be delayed until after the November 8th presidential election.
Economists predicted 175,000 additions ahead of this morning’s jobs report and the report did not quite meet expectations. 156,000 jobs were added this month which is nearly in line with the six months growth pattern.
This Month’s Report
Let’s break down the numbers from this month’s report:
In September, hourly wages rose $0.06 to $25.79 per hour, bringing the year-over-year wage percentage increase to 2.6%. The unemployment rate was little changed month-over-month and sits raised slightly at 5%.
- $25.79 September
- $25.73 August
- + 6 cents month-over-month
- +2.6% year-over-year
- 5.0% September
- 4.9% August
- 0.1% month-over-month
- -0.1% year-over-year
In-Depth Look: Our Industries
Let’s dive right into a look at how our industries compare to the national numbers:
- Professional and business services
- Month-over-month change: +67,000
- +582,000 jobs added since September of last year
- Month-over-month change: +23,000
- +218,000 jobs added year-over-year
- Month-over-month change: -13,000
- -47,000 jobs lost year-over-year
- Transportation and warehousing
- Month-over-month change: -9,000
- +38,600 year-over-year job gains
- Health care
- Month-over-month change: +32,700
- +445,100 jobs added since September of last year
- Month-over-month change: +6,900
- +155,100 jobs added in the last year
- Administrative and support services
- Month-over-month change: +34,600
- +211,400 jobs added year-over-year
- Office Administrative Services
- Month-over-month change: +1,300
- +25,600 jobs added year-over-year
The market remains hot for job seekers looking for top HR, non-clinical healthcare and supply chain and logistics positions and employers will need to stay competitive. Make sure you’re paying your people the right salary and doing everything you can to recruit and retain the best talent – check out our resource center at ajilon.com to find out how.