Employment Recap: September 2024
Posted by EDI Staffing on October 10, 2024
The labor market continued to show resilience in September, with strong job growth across key sectors including food services, health care, government, social assistance, and construction. Despite the effects of the September hurricanes, which made landfall during the survey period, national employment trends remained largely unaffected, and wage growth continued to reflect overall economic stability.
Here is a recap of the September employment situation from the recent BLS Employment Situation Summary released on Friday, Oct 4, 2024:
“While September’s employment data is expected to stay relatively tame, the same can’t be said for the October jobs report, which is set to be released on November 1, just days before the presidential election.” Alicia Wallace, CNN Business
Unemployment Rate: Slight decrease to 4.1%
The unemployment rate slightly decreased from 4.2 in August to 4.1 percent in September, with 6.8 million unemployed individuals.
Despite this improvement, the unemployment rate is still slightly higher than the previous year when the rate was 3.8% and 6.3 million people were out of work.
Jobs Added: Increased by 254,000
Even with the hurricane’s significant disruption, national job creation remained robust. Moreover, nonfarm payroll employment increased by 254,000 in September, a significant jump compared to August’s revised figure of 159,000 jobs added.
The most significant gains were seen in:
- Food Services and Drinking Places: +69,000 jobs
- Health Care: +45,000 jobs
- Government: +31,000 jobs
- Social Assistance: +27,000 jobs
- Construction: +25,000 jobs
Labor Force Participation Rate: Steady at 62.7%
The labor force participation rate remained steady at 62.7% for the third consecutive month. This stability indicates that the percentage of people working or actively seeking work has remained consistent over the past year.
Wages and Work Hours: Increased by 13 Cents
Wage growth continued in September. The average hourly earnings for nonfarm employees increased by 13 cents, or 0.4%, bringing the average wage to $35.36 from the previous month. Over the last 12 months, wages have also grown by 4.0%.
Meanwhile, the average workweek slightly decreased by 0.1 to 34.2 hours in September, indicating a minor reduction in overall working hours.
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This summary provides a snapshot of the key changes in the labor market from August to September 2024. For more detailed, raw data and further information, you can visit the Bureau of Labor Statistics (BLS) website at www.bls.gov
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