134,000 New Jobs Added to Economy in September
Unemployment Hits Record Low of 3.7%
JOB GROWTH: Following upward revisions in the job numbers for both July and August, totaling a combined 87,000, September’s addition of 134,000 jobs was not as strong as the previous two months, although it far surpassed the same time period last year when only 14,000 jobs were added. Based on the revised numbers, average growth over the past three months remained at 190,000 per month.
TOP INDUSTRIES: The top sectors for growth in September included professional and business services, healthcare and transportation and warehousing.
UNEMPLOYMENT: The unemployment rate dropped to 3.7 percent, its lowest rate in nearly 50 years.
WAGES: Payrolls lost a bit of steam in September, after seeming poised for stronger momentum after a good showing in August. Average hourly earnings slipped from 2.9 percent to 2.8 percent on an annual basis.
WORK WEEK: There was no change in the average
TEMPORARY JOB TRENDS: The temporary jobs sector experienced its third consecutive month of growth, adding 10,600 jobs.
WHAT DOES IT ALL MEAN? September offered somewhat lukewarm news in an otherwise strong year for the economy. Job growth, missing analyst expectations, slowed from the recent pace, but not significantly. Unemployment hit a
cash to employees or paying more for employee benefits, the question remains whether these incentives are enough to attract and retain good talent.
This newsletter references the BLS Report of September activity, released 10/5/18.
Sources: U.S. Bureau of Labor Statistics (BLS), Steinberg Employment Research, CNBC, Staffing Industry Analysts, The Wall Street Journal, The New York Times, USA Today, Seeking Alpha, Forbes, Fortune, MarketWatch