U.S. Economy Adds 248k Jobs In September first appeared on Floating Path.
The U.S. Bureau of Labor Statistics reported this morning that 248k nonfarm payrolls were added during the month of September. This follows revised payrolls gains of 180k in August and 243k in July.
A bulk of the August job gains came in the Professional Services industry.
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The Education and Health Services industry, along with the Leisure and Hospitality and Professional Services industries, have contributed the most to the job gains over the last 8 years. Although Construction and Manufacturing employment both grew in September, theses sectors have had the most difficulty recovering from the economic downturn.
The household survey shows that 671k full-time jobs were added in September, while part-time employment decreased by 384k. Since November 2007, when the household survey showed peak employment, full-time jobs have decreased by 2.6 million and part-time jobs have increased by 2.6 million.
Part-time employees made up 18.66% of the workforce in September, down from 18.96% in August.
Those part-time for economic reasons, workers who would prefer to be full-time but are involuntarily part-time, as a share of those part-time for noneconomic reasons decreased to 36.3% from 37.3%.
The unemployment rate (U-3) was 5.9% in September, down from 6.1% in August. The broader underemployment rate (U-6) decreased to 11.8% from 12.0%.
Youth unemployment continues to be volatile.
Unemployment for those less than a high school diploma decreased to 8.4%.
Blacks continue to experience the highest unemployment rate at 11.0%.
Participation among men decreased to 69.1% from 69.2% and participation among women decreased to 56.7% from 56.9%.
The participation rate for prime age workers (25-54) decreased to 80.7% from 81.1%.
Since the total participation rate peaked in August 2008, participation has only risen in the 55+ age bracket.
Average weekly hours worked by production and supervisory employees were 33.7 from 33.8, while average hourly earnings were unchanged at $20.67. This decreased average weekly earnings to $696.58, up 2.6% from a year ago.
Average duration of unemployment in September was 31.5 weeks, down from 331.7 in August and the historical high of 40.7 in 2011, but still elevated by historical standards.
Of those unemployed, 47.2% have been so for 15 weeks or longer.
Overall, this was a mixed employment report. Payrolls growth was mildly strong but with not great industry mix, the full-time/part-time split was encouragingly positive for a second month in a row, the unemployment rate declined but once again in tandem with a drop in participation, unemployment duration decreased but only marginally, and average earnings show no signs of acceleration.