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📂 Category: Economic News,News
💡 Here’s what you’ll learn:
Key takeaways
- The US economy added 119,000 jobs in September, more than analysts expected, while the unemployment rate rose to 4.4% from 4.3%.
- The report, which was delayed due to the government shutdown last month, presented a mixed picture of the health of the labor market.
More people were hired in September than forecasters expected, and the number of unemployed was also greater, according to a long-awaited and anticipated labor market report.
The U.S. economy added 119,000 jobs in September, rebounding from a loss of 4,000 jobs in August, the Bureau of Labor Statistics reported Thursday. That was more than double what the 50,000 forecasters expected, according to a survey of economists Dow Jones Newswires and The Wall Street Journal. After taking into account job losses over the summer, the rate of job creation has remained flat since April. The unemployment rate rose to 4.4% from 4.3%, reaching a new high since October 2021.
Thursday’s report was the first major labor market data published by government statistics agencies since September. It was supposed to be published on October 3, but was postponed due to the government shutdown. Overall, it painted a mixed picture of labor market safety.
What does this mean for the economy
The labor market report showed job creation rebounding after a sharp slowdown over the summer, and relatively slow growth continuing with no red flags of a major crisis.
The number of jobs added was the most since May, but was below the monthly average of 147,000 jobs in the 12 months through April. Additionally, job growth in the previous two months was revised down by 33,000.
The labor force participation rate rose to 62.4% from 62.3% in August, reaching its highest levels since May but remaining well below pre-pandemic levels.
Most of the job gains came from the health care, entertainment and retail sectors. Employment in the federal government fell by 3,000. The manufacturing sector lost 6,000 jobs, the fifth decline in as many months. The manufacturing sector has been losing jobs every month since President Donald Trump announced sweeping “Liberation Day” tariffs aimed at giving American factories an advantage over foreign competition.
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