5 Things You Need to Know from the Monthly US Jobs Report
As the global economy continues to show ominous signs for the near future, American employers continued to add to payrolls by adding 263,000 jobs in September. According to the latest U.S. Bureau of Labor Statistics Jobs Report, with the addition of more jobs in the economy, the unemployment rate saw a slight decrease to 3.5 percent, returning once again to pre-pandemic levels.
Leisure + Hospitality, Health Care, Professional & Business Services, and Manufacturing were the leading industries in job gains for September. On trend from last month, hourly wages have once again risen by ten cents to $32.46, setting the overall wage increase at 5 percent over the last 12 months.
Cresa's partner HICKEY is a global leader in site selection and location strategy consulting. They are tracking the latest updates, along with labor force participation rates, wage shifts, and inflationary concerns – here are the five things you need to know from the latest U.S. Jobs Report :
- U.S. businesses continued adding to their workforce, with 263,000 new jobs in September, which is approximately 50,000 less than August. In total, the U.S. economy has added more than 3.9 million new workers since the beginning of 2022, despite an unknown economy.
- Leisure and Hospitality saw the largest gains in employment, especially within the Food Services and Drinking Places industry with 60,000 jobs. Overall, the industry increased employment this month by 83,000 and has 1.1 million jobs above pre-pandemic levels, which is on trend with August.
- Average hourly earnings have seen an increase by 5 percent, over the last 12 months. In September, hourly earnings rose 0.3 percent with a 10-cent increase, to $32.46, which follows the previous month.
- The Transportation and Warehousing sector saw a decrease in employment of 11,000 jobs, which is on trend with the last 3 months, following incredible growth over the previous two years. Although the industry gained 3,000 jobs in Air Transportation, it was offset by a large loss of 11,000 jobs in Truck Transportation.
- The unemployment rate decreased slightly back to pre-pandemic levels to 3.5 percent by adding another 263,000 jobs to the economy. The total Labor Participation Rate saw little change in September at 62.3 percent, 0.1 lower than August.