By Tom Burnett CFA
On October 6, 2023, the Bureau of Labor Statistics released its Employment Report for September. Total employment rose by 336,000 jobs to a new total of 157.1 million. The unemployment rate was unchanged at 3.8%. The number of unemployed workers was also unchanged at 6.4 million. In its October 3 Report on Job Openings, the BLS disclosed that Openings rose from 8.9 million to 9.6 million in the latest Survey. Over the past 12 months, the average monthly job increase figure is now 267,000. Revisions to previous figures totaled an increase of 227,000 for July and August.
Manufacturing and construction employment was unchanged in the month.
Average hourly earnings for all workers on nonfarm payrolls rose $0.07 to $33.88, an increase of 4.2% over the past 12 months.
The next Employment Report will be issued on November 3, 2023.
Tom Burnett CFA is Director of Research