Friday, October 3, 2014

Job growth rose 248,000 in September as unemployment rate dipped to 5.9 percent

According to the U.S. Bureau of Labor Statistics, total nonfarm payroll employment increased by 248,000 in September, and the unemployment rate declined to 5.9 percent, with most of the gains in professional and business services, retail trade, and health care.

Over the year, the unemployment rate and the number of unemployed persons were down by 1.3 percentage points and 1.9 million, respectively...

The change in total nonfarm payroll employment for July was revised from +212,000 to +243,000, and the change for August was revised from +142,000 to +180,000. With these revisions, employment gains in July and August combined were 69,000 more than previously reported...

Among the major worker groups, unemployment rates declined in September for adult men (5.3 percent), whites (5.1 percent), and Hispanics (6.9 percent). The rates for adult women (5.5 percent), teenagers (20.0 percent), and blacks (11.0 percent) showed little change over the month. The jobless rate for Asians was 4.3 percent (not seasonally adjusted), little changed from a year earlier...

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in September at 7.1 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job...

In September, construction employment continued on an upward trend (+16,000). Within the industry, employment in residential building increased by 6,000. Over the year, construction has added 230,000 jobs...

Average hourly earnings for all employees on private nonfarm payrolls, at $24.53, changed little in September (-1 cent). Over the year, average hourly earnings have risen by 2.0 percent. In September, average hourly earnings of private-sector production and nonsupervisory employees were unchanged at $20.67.

Click here to read the full summary online.

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