156,000 jobs were added last month.
It’s lower than the 167,000 jobs were added in August, but it’s still solid and above the expectations. “The labor market is not too hot and too cold” says to CNN Douglas Holtz-Skin, the president of the nonprofit American Action Forum, and described it pretty well.
According the Labor Department report, released at Friday, The unemployment rate ticked up from 4.9% to 5%, but this time it’s may a sign that people are coming back into the job market and positions are caught up. However, the wages grew in September at 2.6% compared with a year ago.
“The job market continues to move forward” said Ryan Sweet, an economist at Moody’s Analytics Inc., said to Bloomberg “the unemployment rate rose for all the right reasons. We got some acceleration in wage growth in September but we’d love to see much stronger gains”. Sweet added that data keep the Fed on track to raise interest rated in December, and nothing “raises a red flag” for the central bank.
Counting September’s gains, the US economy has added roughly 10.8 million jobs since Obama took office in January 2009, when the employment hit its. Those NFP report is the next-to-last checkup on the job market before the election day, and it’s interesting to see how it will influence on the American voters and the fight between Clinton and Trump.
According to the experts, the job market has led the country’s comeback from the Great Recession. Curt Long, chief economist at the National Association of Federal Credit Unions, said to CNN “It’s really been the bright spot for overall economic recovery”.
If you look into the numbers of this report, you can see the differences across sectors and industries. the private sector rose by 167,000 after 144,000 increase the prior month. This time, the government sector fell by 11,000 due to a slump in the educations jobs at the local level.
The leading industry in terms of jobs adding is the professional and business services with 67,000 added jobs. The industries of health care and restaurants added more than 30,000 positions. The construction industry rose by 23,000 added jobs, and the retailers increased payrolls by 22,000. The leisure and hospitality industry rose only 15,000, the smallest in 4 months. Payrolls at factories fell by 23,000.
