Updated: 04-Oct-24 09:20 ET
| September Nonfarm Payrolls |
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| Updated: 04-Oct-24 09:20 ET |
Highlights
- Hiring activity was much stronger than expected in September.
- Nonfarm payrolls rose by 254,000, the unemployment rate fell to 4.1% from 4.2%, and average hourly earnings increased 0.4%, leaving them up 4.0% year-over-year.
Key Factors
- September nonfarm payrolls increased by 254,000 (Briefing.com consensus 165,000). The 3-month average for total nonfarm payrolls increased to 186,000 from 140,000. August nonfarm payrolls revised to 159,000 from 142,000. July nonfarm payrolls revised to 144,000 from 89,000.
- September private sector payrolls increased by 223,000 (Briefing.com consensus 125,000). August private sector payrolls revised to 114,000 from 118,000. July private sector payrolls revised to 99,000 from 74,000.
- September unemployment rate was 4.1% (Briefing.com consensus 4.2%), versus 4.2% in August. Persons unemployed for 27 weeks or more accounted for 23.7% of the unemployed versus 21.3% in August. The U6 unemployment rate, which accounts for unemployed and underemployed workers, decreased to 7.7% from 7.9%.
- September average hourly earnings were up 0.4% (Briefing.com consensus 0.3%) versus an upwardly revised 0.5% increase (from 0.4%) in August. Over the last 12 months, average hourly earnings have risen 4.0%, versus 3.9% for the 12 months ending in August.
- The average workweek in September was 34.2 hours (Briefing.com consensus 34.3), versus 34.3 hours in August. Manufacturing workweek was unchanged at 40.0 hours. Factory overtime decreased 0.1 hour to 2.9 hours.
- The labor force participation rate held steady at 62.7%.
- The employment-population ratio increased to 60.2% from 60.0%.
Big Picture
- The key takeaway from the report is that the labor market is in a solid position to keep the U.S. economy on a growth trajectory.
| Category | SEP | AUG | JUL | JUN | MAY |
| Establishment Survey | |||||
| Nonfarm Payrolls | 254K | 159K | 144K | 118K | 216K |
| Goods-Producing | 21K | 5K | 21K | 2K | 12K |
| Construction | 25K | 31K | 14K | 18K | 13K |
| Manufacturing | -7K | -27K | 6K | -16K | 3K |
| Service-Providing | 202K | 109K | 78K | 95K | 194K |
| Retail Trade | 16K | -9K | -4K | -20K | 8K |
| Financial | 5K | 10K | -4K | 13K | 12K |
| Business | 17K | -4K | -4K | -11K | 55K |
| Temporary help | -14K | -7K | -19K | -30K | 14K |
| Education/Health | 81K | 60K | 67K | 82K | 69K |
| Leisure/Hospitality | 78K | 53K | 38K | 4K | 18K |
| Government | 31K | 45K | 45K | 21K | 10K |
| Average Workweek | 34.2 | 34.3 | 34.2 | 34.3 | 34.3 |
| Production Workweek | 33.7 | 33.7 | 33.7 | 33.7 | 33.7 |
| Factory Overtime | 3.6 | 3.7 | 3.7 | 3.6 | 3.6 |
| Aggregate Hours Index | -0.1% | 0.3% | -0.3% | 0.1% | 0.2% |
| Avg Hourly Earnings | 0.4% | 0.5% | 0.2% | 0.3% | 0.4% |
| Household Survey | |||||
| Household Survey | |||||
| Civilian Unemp. Rate | 4.1% | 4.2% | 4.3% | 4.1% | 4.0% |
| Civilian Labor Force | 150K | 120K | 420K | 277K | -250K |
| Civilian Employed | 430K | 168K | 67K | 116K | -408K |
| Civilian Unemployed | -281K | -48K | 352K | 162K | 157K |
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