Jobs Growth Slows Down in September

By Tom Burnett CFA
On October 8, 2021, the Bureau of Labor Statistics announced the employment situation for September. Jobs grew by 194,000 and the unemployment rate fell from 5.2% to 4.8%. The weakest sector was public education where confusion over mask mandates and vaccination requirements has clouded public school enrollments. The figures for July and August were revised upward by a total of 169,000. For the 2021 year thus far, average monthly employment has increased by 561,000. Employment now stands at 17.4 million more than the 2020 bottom, but remains 5.0 million lower than the peak level reached in February 2020, before the negative impact of the Covid-19 outbreak was felt.

The number of unemployed workers fell by 710,000 to 7.7 million, but is still above the 5.7 million low number from February 2020.

Manufacturing jobs increased by 26,000, but remain 353,000 below the February 2020 total.

Average payroll earnings rose $0.19 to $30.85 per hour.

The next employment report will be issued on November 5, 2021.
Tom Burnett CFA is Director of Research