Growth in US employment numbers exceeded all expectations in September - unemployment rate dropped to 4.1%
Updated on October 4, 2024, 23:13 JST (excerpt).
The number of employers was upward revised to a total of 72,000 in August and September.
Average hourly wages increased by 4% compared to the same month last year - higher than the expected 3.8% increase in September's US employment statistics. The growth in non-agricultural sector employment exceeded all market expectations, and the unemployment rate unexpectedly decreased. Wage growth accelerated compared to the same month last year, alleviating concerns about significant deterioration in the labor market.
Non-agricultural sector employment (establishment survey, seasonally adjusted) increased by 0.25 million 4000 from the previous month.
The economist's median forecast is an increase of 0.15 million people.
Last month's upward revision to 0.15 million 9000 people (preliminary value was an increase of 0.14 million 2000 people).
The unemployment rate based on household surveys is 4.1%.
Market expectations are at 4.2%.
The previous month was 4.2%.
The average hourly wage increased by 0.4% compared to the previous month (market expectation of 0.3% increase).
A 4% increase compared to the same month last year (market expectation 3.8% increase).
The number of employers was upward revised to a total of 72,000 in August and September.
Average hourly wages increased by 4% compared to the same month last year - higher than the expected 3.8% increase in September's US employment statistics. The growth in non-agricultural sector employment exceeded all market expectations, and the unemployment rate unexpectedly decreased. Wage growth accelerated compared to the same month last year, alleviating concerns about significant deterioration in the labor market.
Non-agricultural sector employment (establishment survey, seasonally adjusted) increased by 0.25 million 4000 from the previous month.
The economist's median forecast is an increase of 0.15 million people.
Last month's upward revision to 0.15 million 9000 people (preliminary value was an increase of 0.14 million 2000 people).
The unemployment rate based on household surveys is 4.1%.
Market expectations are at 4.2%.
The previous month was 4.2%.
The average hourly wage increased by 0.4% compared to the previous month (market expectation of 0.3% increase).
A 4% increase compared to the same month last year (market expectation 3.8% increase).
~partially omitted~
Statistics for October.
The October employment statistics include the impact of the September strike by a labor union with 33,000 Boeing employees. The major strike by dock workers ended in 3 days, hence no direct impact is expected.
Another special factor is Hurricane 'Helene.' It has caused extensive damage in the southeastern United States, facing challenges in road and electrical utilities restoration in some areas, indicating a longer recovery period for businesses.
The underemployment rate called 'U6' (including workers who are employed part-time while desiring full-time employment, and those who want to work but are not actively seeking employment) decreased to 7.7%. This decrease is almost a year since the last one.
The labor force participation rate has reached 62.7% for the third consecutive month. The participation rate for 25-54 year olds decreased to 83.8%.
The October employment statistics include the impact of the September strike by a labor union with 33,000 Boeing employees. The major strike by dock workers ended in 3 days, hence no direct impact is expected.
Another special factor is Hurricane 'Helene.' It has caused extensive damage in the southeastern United States, facing challenges in road and electrical utilities restoration in some areas, indicating a longer recovery period for businesses.
The underemployment rate called 'U6' (including workers who are employed part-time while desiring full-time employment, and those who want to work but are not actively seeking employment) decreased to 7.7%. This decrease is almost a year since the last one.
The labor force participation rate has reached 62.7% for the third consecutive month. The participation rate for 25-54 year olds decreased to 83.8%.
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