The US added 142 thousand jobs to their payrolls in September, which was a decent performance although about 20 thousand jobs fewer than expected.
2. How did the unemployment rate change?
For the first time in 5 months, the US unemployment rate has started coming down again, albeit ever so slightly from about 4.2% to 4.1%.
3. Which industries saw the most significant job gains?
The construction industry claimed the largest share with 34 thousand new jobs, while the healthcare industry added 31 thousand jobs.
4. How did the labor force participation rate change?
The labor force participation rate held steady at about 62.7 million and has been pretty consistent all year long.
5. What happened in the manufacturing sector?
The manufacturing industry actually saw a fairly significant reduction in jobs last month, losing 25 thousand positions in the durable goods production industries.
6. How did average hourly pay change?
Average hourly pay rose by 4 cents last month, climbing to $35.21 per hour and representing a 0.4% increase over the month before.
7. What was the impact on part-time jobs?
The number of people who have part-time jobs because full-time work was not available essentially held steady at 4.8 million, but it is worth noting that this figure is up almost 15% from 4.2 million just 12 months ago.
8. How did the social services industry perform?
The social services industry also added about 13 thousand jobs, down from an average monthly gain of 21 thousand.
9. What about the average workweek?
The average workweek on the other hand increased by one-tenth of an hour up to 34.3 hours per week, while in manufacturing, the average workweek held steady at about 40 hours per week.
10. What are the expectations for the Federal Reserve's next move?
Federal Reserve Chair Jerome Powell said that Fed policy goals no longer include any further softening of the labor market, paving the way for potential interest rate cuts. The Fed is expected to lower interest rates when they meet next week, with some economists predicting a 50 basis point cut and others a more modest 25 basis point cut.
11. What challenges might affect the October jobs report?
The October jobs report could be significantly impacted by three major disruptions: the aftermath of Hurricane Helene, the ongoing strike by Boeing machinists, and a substantial strike affecting US ports along the East and Gulf Coasts.
