Posted by Paladin on October 10, 2016
An employment summary based on the U.S. Bureau of Labor Statistics’ (BLS) September 2016 monthly jobs report.
The Latest From the BLS Employment Report: 156,000 Jobs Added in September
The US economy added 156,000 jobs in September, and the unemployment rate unexpectedly edged higher, according to data released Friday by the Bureau of Labor Statistics. The unemployment rate, which has held at 4.9 percent since the spring, inched up to 5 percent as the labor participation rate inched up.
The unexpected slowing of growth for US employment – for the third straight month – could make the Federal Reserve more cautious about raising interest rates.
This month’s employment report will be pivotal because it is among the most significant economic data the Federal Reserve reviews before deciding whether to raise interest rates. While the Fed is looking at a variety of indicators to guide their decision on whether or not to raise the interest rate, this jobs report will have one of the heaviest influences. It seems that traders assign a 60% chance of a lift in the rate in December. Friday’s employment report will be the last before the Fed’s Nov. 1-2 policy meeting but some say a decision might be delayed until after the November 8th presidential election.
Economists predicted 175,000 additions ahead of this morning’s jobs report and the report did not quite meet expectations. 156,000 jobs were added this month which is nearly in line with the six months growth pattern.
This Month’s Report
Let’s break down the numbers from this month’s report:
In September, hourly wages rose $0.06 to $25.79 per hour, bringing the year-over-year wage percentage increase to 2.6%. The unemployment rate was little changed month-over-month and sits raised slightly at 5%.
- $25.79 September
- $25.73 August
- + 6 cents month-over-month
- +2.6% year-over-year
- 5.0% September
- 4.9% August
- -0.1% month-over-month
- -0.1% year-over-year
In-Depth Look: Top Industries
Here’s a look at how some other industries are performing:
- Professional and business services
- Month-over-month change: +67,000
- +582,000 jobs added since September of last year
- Month-over-month change: +23,000
- +218,000 jobs added year-over-year
- Transportation and warehousing
- Month-over-month change: -9,000
- +38,600 year-over-year job gains
- Health care
- Month-over-month change: +32,700
- +445,100 jobs added since September of last year
- Month-over-month change: +6,900
- +155,100 jobs added in the last year
- Administrative and support services
- Month-over-month change: +34,600
- +211,400 jobs added year-over-year
- Office Administrative Services
- Month-over-month change: +1,300
- +25,600 jobs added year-over-year
In-Depth Look: Creative and Marketing Jobs
Taking a closer look at the industries subsectors:
- Month-over-month: -2,600
- Year-over-year: +400
- Motion Picture and Sound Recording
- Month-over-month: +4,700
- Year-over-year: +13,200
- Data processing, hosting and related services
- Month-over-month: +600
- Year-over-year: +1,300
- Specialized Design
- Month-over-month: +200
- Year-over-year: +9,300
- Month-over-month: +500
- Year-over-year: +11,700
The market remains extremely competitive for employers hoping to hire top professionals. To get ahead of your competitors and add exceptional professionals to your workforce, make sure you are offering a competitive salary. Our 2017 Salary Guide is coming out soon to put you ahead of the competition.