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U.S. Job Market Adds 254,000 Jobs as Unemployment Holds Steady at 4.1%
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The Employment Situation report for September 2024, released by the U.S. Bureau of Labor Statistics (BLS), indicates that total nonfarm payroll employment increased by 254,000, with the unemployment rate remaining relatively stable at 4.1 percent. Significant employment growth occurred in sectors such as food services and drinking places, health care, government, social assistance, and construction. Despite Hurricane Francine making landfall in Louisiana on September 11, the hurricane had no discernible impact on national employment or hours worked.
Key Insights:
• Unemployment Rate: Remained steady at 4.1%, with a slight decrease in the number of unemployed people to 6.8 million.
• Major Worker Groups: The unemployment rate decreased for adult men (to 3.7%) and remained unchanged for adult women (3.6%), teenagers (14.3%), and other demographic groups.
Key Insights:
• Unemployment Rate: Remained steady at 4.1%, with a slight decrease in the number of unemployed people to 6.8 million.
• Major Worker Groups: The unemployment rate decreased for adult men (to 3.7%) and remained unchanged for adult women (3.6%), teenagers (14.3%), and other demographic groups.
• Job Additions by Industry:
• Food Services: Added 69,000 jobs, significantly higher than the 12-month average of 14,000.
• Health Care: Contributed 45,000 jobs, with increases in home health care services and hospitals.
• Government: Added 31,000 jobs, continuing its upward trend.
• Social Assistance: Added 27,000 jobs, primarily driven by individual and family services.
• Construction: Added 25,000 jobs, continuing its consistent trend.
Other Sectors:
• Sectors such as manufacturing, retail trade, professional services, and financial activities showed little change in employment over the month.
Wages and Work Hours:
• Average hourly earnings for all employees increased by 0.4%, reaching $35.36.
• The average workweek edged down to 34.2 hours for all private-sector employees, and 33.7 hours for production and nonsupervisory workers.
Revisions:
• The employment gains for July were revised upward to 144,000, and for August to 159,000, resulting in 72,000 more jobs than previously reported.
Summary:
The report highlights steady gains across multiple sectors, with a focus on food services, health care, and government employment. Additionally, wages continue to rise modestly, with employment gains outpacing previous months. The labor market remains resilient despite potential external disruptions such as severe weather events like Hurricane Francine.
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