US Nonfarm Payroll Jumps By 336,000 Jobs In September

The U.S. Bureau of Labor Statistics revealed a boost of 336,000 in total nonfarm payroll employment for September. Despite this gain, the unemployment rate remained consistent at 3.8%, underpinning the resilience of the labor market. The surge was observed in various sectors, including leisure and hospitality, government, health care, professional services, and social assistance.

Key figures from the household survey showed the unemployment rate retaining its 3.8% position, with the number of unemployed persons largely steady at 6.4 million. Breakdowns based on demographics such as gender, age, and race did not show significant fluctuations. Notably, the long-term unemployed count (27 weeks or more) remained stable at 1.2 million, representing 19.1% of the total unemployed.

On the establishment front, job enhancements were witnessed across multiple sectors. The leisure and hospitality sector alone added 96,000 jobs, surpassing its average monthly gain from the previous year. Government employment also rose by 73,000 in September, a remarkable increase compared to its past 12-month average.

Health care continued its positive trend by adding 41,000 jobs, with prominent gains in ambulatory health care services and hospitals. Meanwhile, the professional and technical services sectors saw an increase of 29,000, matching their prior year’s monthly average.

However, certain sectors displayed negligible changes in employment. The transportation and warehousing sector experienced slight growth, while the information sector reported a minor dip, particularly in the motion picture and sound recording industries.

On the earnings front, average hourly earnings for private nonfarm payroll employees inched up by 7 cents to $33.88, marking a 4.2% yearly growth. The average workweek for these employees remained consistent at 34.4 hours.

Lastly, revisions for July and August demonstrated an upward trend. July’s figures were adjusted from +157,000 to +236,000, while August witnessed a revision from +187,000 to +227,000. These adjustments signal that the employment in these two months was 119,000 higher than initially reported.

Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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