The September 2023 Jobs Report shows the unemployment rate was unchanged at 3.8% in September from the month prior.
According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 336,000, almost twice above the Dow Jones estimate of 170,000. Jobs added in August were also revised up from 187,000 to 227,000. The number of unemployed people is also unchanged at 6.4 million from August 2023.
The unemployment rate for college-degreed professionals 25 years and older edged down slightly to 2.1% from 2.2% the month prior. Job seekers with some college or an associate degree remained unchanged at 3.0% in September.
The labor force participation rate stayed the same at 62.8% in September compared to August 2023.
In September, leisure and hospitality led job gains above the average monthly gain of 61,000 over the prior 12 months.
Employment trended up in leisure and hospitality; government; health care; professional, scientific, and technical services; and social assistance.
Jobs added by industry:
- Leisure and Hospitality: 96,000 jobs added
- Government: 73,000 jobs added
- Health Care: 41,000 jobs added
- Professional, Scientific and Business Services: 29,000 jobs added
- Social Assistance: 25,000 jobs added
Wage growth rose by 7 cents in September 2023.
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents or 0.2% to $33.88, slightly lower than the expected 0.3% and 4.3%. Over the past 12 months, average hourly earnings have increased by 4.2%.
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Sources: BLS, CNBC