A recent report unveiled by the U.S. Bureau of Labor Statistics (BLS) shows that the national unemployment rate decreased by 0.2 percent to 4.2 percent in September. Additionally, the total number of unemployed persons declined by 331,000 to 6.8 million, despite a decline in nonfarm jobs of 33,000. Both the rate of decline and the total number of unemployed persons represent year-over-year improvements.
BLS researchers point to a decline in food service employment stemming from Hurricanes Irma and Harvey as the leading contributor to job loss numbers. Over the prior 12 months, this sector had added an average of 24,000 jobs per month.
Additional employment information in the report included:
- The ratio of population-to-employment increased by 0.3 percentage points to 60.4 percent in September. The labor force participation rate, currently at 63.1 percent, changed little in September and continued a year-long trend of minor improvement.
- Total nonfarm employment had been adding an average of 172,000 jobs per month over the past year.
- Employment in transportation and warehousing increased by 22,000 jobs in September.
- Manufacturing employment was flat in September. This change bucked the industry’s trend of adding an average of 14,000 jobs over the previous ten months.
- The average workweek throughout manufacturing remained unchanged at 40.7 hours, and overtime held steady at 3.3 hours. This value is about six hours more than other nonfarm sectors.
- Average hourly earnings rose by $0.12 to $26.55. Over the last year, average hourly pay has increased by $0.74, or 2.9 percent.