Bureau of Labor Statistics reported today. Total nonfarm payroll employment increased by 263,000 in September, and the unemployment rate edged down to 3.5 percent, the U.S. tweet at 8:43am: Jefferies weighs in on jobs data: “We still expect another 75 bp rate hike in November.” In the closely watched wage numbers, average hourly earnings rose 0.3% on the month, in line with estimates, and 5% from a year ago, an increase that is still well above the pre-pandemic norm but 0.1 percentage point below the forecast. September’s payroll figure marked a deceleration from the 315,000 gain in August and tied for the lowest monthly increase since April 2021. The unemployment rate was 3.5% vs the forecast of 3.7% as the labor force participation rate edged lower. Nonfarm payrolls increased 263,000 for the month, compared to the Dow Jones estimate of 275,000. (See table A-11.) Job growth slowed in September as payrolls rose just 263,000 amid Fed rate hikes Job growth fell short of expectations in September as efforts by the Federal Reserve to slow inflation appeared to take their toll on hiring, the Labor Department reported Friday. The number of persons on temporary layoff changed little at 758,000. (See tables A-1, A-2, and A-3.) Among the unemployed, the number of permanent job losers decreased by 173,000 to 1.2 million in September. The jobless rates for adult men (3.3 percent), adult women (3.1 percent), teenagers (11.4 percent), Whites (3.1 percent), Blacks (5.8 percent), and Asians (2.5 percent) showed little change over the month. (See table A-1.) Among the major worker groups, the unemployment rate for Hispanics decreased to 3.8 percent in September. The number of unemployed persons edged down to 5.8 million in September. The unemployment rate edged down to 3.5 percent in September, returning to its July level. For more information about the concepts and statistical methodology used in these two surveys, see the Technical Note. The establishment survey measures nonfarm employment, hours, and earnings by industry. The household survey measures labor force status, including unemployment, by demographic characteristics. This news release presents statistics from two monthly surveys.
Notable job gains occurred in leisure and hospitality and in health care.
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