Economic Situation Report Shows Increase in Job Growth for September
The Economic Situation report released recently by the Bureau of Labor Statistics has revealed a net growth of 248,000 jobs in September, an increase of 68,000 jobs over the month of August.
September’s job growth is 37 percent higher than August’s revised job number of 180,000 jobs and 2 percent higher than July’s revised number of 243,000 jobs. In September, the unemployment rate decreased by 0.2 percentage points to 5.9 percent, while the number of unemployed persons decreased by 329,000 to 9.3 million. Over the last year, both the unemployment rate and number of unemployed persons has decreased by 1.3 percentage points and 1.9 million, respectively.
In September, the majority of job gains occurred in the professional and business services industry which added 81,000 jobs, a significant increase over the 56,000 monthly average of the past 12 months. Job gains occurred in employment services (34,000), management and technical consulting services (12,000), and architectural and engineering services (6,000), while employment in legal services declined by 5,000 over the month.
Employment in retail trade rose by 35,000, mainly within food and beverage stores
which added 20,000 jobs. Overall, employment within the retail trade industry has increased by 264,000 over the past 12 months. The Health care industry added 23,000 jobs, with increases in home health care services (7,000) and hospitals (6,000). Other major industries including manufacturing, wholesale trade, transportation and warehousing, and government, showed little change over last month.
Employment numbers were revised for both July and August, from 212,000 to 243,000 jobs and 142,000 to 180,000 jobs respectively. With these revisions, employment gains for both months combined were 69,000 more than previously reported.
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