Key Takeaways:
- Nonfarm payroll increased by 254,000 jobs in September, exceeding the 12-month average of 203,000 jobs per month. Job gains were notable in food services, health care, and government sectors.
- The unemployment rate slightly decreased to 4.1%, with 6.8 million people unemployed.
- Job openings held steady at 8.0 million in August, with increases in construction, accommodation and food services, and state and local government.
The Bureau of Labor Statistics reported that nonfarm payroll gained 254,000 jobs in September, above the 12-month average monthly gain of 203,000 jobs. The September release also included positive revisions in job totals for July (from +89,000 to +144,000 jobs) and August (from +142,000 to +159,000 jobs).
In September, employment grew in food services and drinking places (+69,000), health care (+45,000), and government (+31,000). However, job losses persist in temporary help services, which declined by 14,000 jobs over the month. Total employment in temp help is down 205,000 jobs from September 2023.
The unemployment rate inched down to 4.1% last month, with 6.8 million people unemployed. For the third consecutive month, the labor force participation rate was at 62.7%.
8.0 million job openings in August
According to the latest Job Openings and Labor Turnover report, the number of job openings held at 8.0 million in August. Most of the openings were in construction (+138,000), accommodation and food services (+88,000), and state and local government, excluding education (+78,000). Meanwhile, openings declined by 93,000 in other services.
Hires (5.3 million) and total separations (5.0 million) changed little over the month.
