Economy Gains 134,000 Jobs in September; Unemployment Down Slightly to 3.7%

Economy Gains 134,000 Jobs in September; Unemployment Down Slightly to 3.7%

The U.S. economy gained 134,000 jobs in September, and unemployment was down slightly to 3.7%, according to figures released this morning by the U.S. Bureau of Labor Statistics. Continued slow wage growth means the Federal Reserve’s Open Market Committee is premature in raising interest rates.

In response to the September job numbers, AFL-CIO Chief Economist William Spriggs tweeted:

 

 

 

 

 

 

 

Last month’s biggest job gains were in professional and business services (54,000), health care (26,000), transportation and warehousing (24,000), construction (23,000), manufacturing (18,000) and mining (6,000). Employment in leisure and hospitality declined over the month (-17,000). Employment showed little or no change over the month in other major industries, including wholesale trade, retail trade, information, financial activities and government. 

Among the major worker groups, the unemployment rate for adult women (3.3%) and blacks (6.0%) declined, while the rate for Asians (3.5%) increased. The jobless rates for teenagers (12.8%), Hispanics (4.5%), adult men (3.4%) and whites (3.3%) showed little or no change in September.

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged in September and accounted for 22.9% of the unemployed.

 

Kenneth Quinnell
Fri, 10/05/2018 – 10:51

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Updated: October 16, 2018 — 11:20 am