The Bureau of Labor Statistics (BLS) September 2024 Jobs Report shows that the unemployment rate slid down slightly to 4.1% compared to 4.2% in August. According to the report, payroll employment increased by 254,000 which was far better than expected. The number of unemployed people is currently at 6.8 million, down from 7.1 million the month prior.
The unemployment rate for college-degreed professionals 25 years and older decreased to 2.3% compared to 2.5% the prior month. The unemployment rate for job seekers with some college or an associate stayed the same at 3.4%.
The labor force participation rate stayed the same at 62.7% in September and is little changed for the year. The employment-population ratio was little changed at 60.2%.
In September, employment trended up in the categories of food services and drinking places, health care, government, social assistance, and construction.
Jobs added by industry:
- Food Services and Drinking: 69,000 jobs added
- Health Care: 45,000 jobs added
- Government: 31,000 jobs added
- Social Assistance: 27,000 jobs added
- Construction: 25,000 jobs added
Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; retail trade; transportation and warehousing; information; financial activities; professional and business services; and other services.
Wage Growth Increases by 13 Cents
In September, average hourly earnings for all employees on private nonfarm payrolls increased by 13 cents to $35.36. Average hourly earnings were up by 0.4% in September and 4.0% over the past 12 months.
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Sources: BLS