The US Bureau of Labor Statistics reported that the country's payrolls grew by 29,000 in September. This growth was significantly lower than the revised gain of 133,000 in August. The unemployment rate stood at 4.2%, up from 4.1% in August. The bureau described both September employment and the jobless rate as showing little change. The figures were released at 8:30 am Eastern Time on October 2.
The September job growth was accompanied by downward revisions to earlier hiring estimates. July's previously reported gain of 21,000 jobs was revised to a loss of 10,000, while August's initial estimate of 162,000 additional jobs was lowered to 133,000. The bureau said these routine revisions incorporate further employer responses and recalculated seasonal factors. These revisions resulted in a combined reduction of 60,000 jobs.
Over the 12 months before September, payroll employment had increased by an average of 45,000 a month. Health care added 17,000 jobs in September, below its average monthly gain of 33,000 over the previous year. Construction employment increased by 11,000 and manufacturing by 9,000, although the bureau characterised the changes in major industries as small.
Wages rose 3% over the year, with average hourly earnings for employees on private nonfarm payrolls rising five US cents, or 0.1%, to $37.81. The average working week remained at 34.4 hours. A separate household survey put the number of unemployed people at 7.1 million, with about 1.9 million having been out of work for at least 27 weeks, representing 27.1% of all unemployed people.
The September payroll figures are preliminary, and the bureau is scheduled to publish its October employment report on November 6. The US economy has been experiencing a slowdown in job growth, and the latest figures will be closely watched by economists and policymakers. The job market has been affected by various factors, including the ongoing pandemic and global economic trends.
The US Bureau of Labor Statistics report also highlighted the challenges faced by the job market. The pandemic has had a lasting impact on the US economy, with many industries still recovering. The report's findings will likely influence future economic decisions, including interest rates and government spending.
The US job market is closely monitored by economists and investors, as it is a key indicator of the overall health of the economy. The latest figures will be analysed in conjunction with other economic data to gain a better understanding of the current state of the US economy. The report's release was widely anticipated, and its findings will likely have a significant impact on market trends.
Key points
- US payrolls grew by 29,000 in September, below expectations.
- Earlier hiring estimates were revised downward by a combined 60,000.
- The unemployment rate stood at 4.2%, up from 4.1% in August.
