US Jobs Growth Beats Expectations in September
Total nonfarm payroll employment in US increased by 248,000 in September, compared with 180,000 in August, which was revised higher from 142,000.
The unemployment rate declined to 5.9 percent, slipping below 6 percent for the first time since July, 2008.
Total nonfarm payroll employment rose by 248,000 in September, compared with an average monthly gain of 213,000 over the prior 12 months. In September, job growth occurred in professional and business services, retail trade, and health care.
Professional and business services added 81,000 jobs in September, compared with an average gain of 56,000 per month over the prior 12 months. In September, job gains occurred in employment services (+34,000), management and technical consulting services (+12,000), and architectural and engineering services (+6,000). Employment in legal services declined by 5,000 over the month.
Employment in retail trade rose by 35,000 in September. Food and beverage stores added 20,000 jobs, largely reflecting the return of workers who had been off payrolls in August due to employment disruptions at a grocery store chain in New England. Employment in retail trade has increased by 264,000 over the past 12 months.
Health care added 23,000 jobs in September, in line with the prior 12-month average gain of 20,000 jobs per month. In September, employment rose in home health care services (+7,000) and hospitals (+6,000).
Employment in information increased by 12,000 in September, with a gain of 5,000 in telecommunications. Over the year, employment in information has shown little net change.
Mining employment rose by 9,000 in September, with the majority of the increase occurring in support activities for mining (+7,000). Over the year, mining has added 50,000 jobs.
Within leisure and hospitality, employment in food services and drinking places continued to trend up in September (+20,000) and is up by 290,000 over the year.
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.
Employment in financial activities continued to trend up in September (+12,000) and has added 89,000 jobs over the year. In September, job growth occurred in insurance carriers and related activities (+6,000) and in securities, commodity contracts, and investments (+5,000).
Employment in other major industries, including manufacturing, wholesale trade, transportation and warehousing, and government, showed little change over the month.
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.
U.S. Bureau of Labor Statistics | anna@tradingeconomics.com
10/3/2014 1:54:25 PM
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