The Bureau of Labor Statistics reported that the U.S. non-farm employers added 263,000 jobs during September. This is lower compared to the August job growth numbers when the employers added 315,000 jobs. Moreover, the unemployment rate also edged down to 3.5%. Previously, the unemployment rate stood at 3.7% during August.
Job growth has slowed down
September marked the 21st consecutive month when the U.S. non-farm job growth remained positive. Furthermore, the addition of 263,000 jobs took this year’s total jobs tally to 3.8 million jobs. However, the overall pace of job growth slowed a bit. In addition, the September’s job growth number is the lowest since April 2021. On the other hand, the economists are considering job growth number a positive sign as the key economic indicators are not very impressive. But, the job growth is now slowing down as employers are slowing their hiring in wake of recession fears.
Nationwide unemployment rate is 3.5%
Nonfarm payrolls increased by 263,000 for the month, compared with the Dow Jones estimate of 275,000. Moreover, the unemployment also reduced to 3.5%. Similarly, the labor force participation rate decreased to 62.3% and the size of the labor force decreased by 57,000. The wage number showed slight improvement average hourly earnings rose 0.3% on the month. Significantly, the non-farm jobs stand at 153 million and has surpassed pre-pandemic level in February of 2020.
Leisure and hospitality sector had a severe impact when pandemic struck back in 2020 and lost millions of jobs. The sector is now regaining the lost jobs and is showing upward trend in terms of job growth. Expectedly, the sector out-performed all other job sectors and added 83,000 jobs. Although, the sector is still lagging behind by 1.1 million compared to its standing in February 2020. Elsewhere, health care added 60,000, professional and business services rose 46,000 and manufacturing contributed 22,000 jobs. Other sectors such as construction added 19,000 jobs whereas wholesale trade added 11,000 new jobs.
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