Professional & Business Services Sector Leads September’s Job Growth

October US Jobs ReportIn September, the United States generated 248,000 new jobs, a huge jump from last month’s gain of 142,000. The positive news continued as the unemployment rate declined by 0.2 percentage points — dropping from 6.1% to 5.9%, which is the lowest we’ve seen since September 2008. Over the past year, the unemployment rate has declined by 1.3 percentage points and the unemployed persons by 19 million.

In the third quarter, job growth vacillated, improving upon the second quarter’s success. Revised numbers were released, showing that both July and August experienced combined growth of 69,000 more than previously reported. The July payroll number was revised from +212,000 to +243,000 and the August numbers were revised from +142,000 to +180,000.
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The Jobs Report by Metro-Area – How Did Your Region Do?

BLS-regional-metro-data-on-BLS-employment-reportThe national BLS “The Employment Situation report – September 2014” report showed an unexpected surge in employment, adding 248,000 new jobs to the economy – 100,000+ more jobs than the previous month. Economists are hopeful that this upswing will continue as we enter into the fourth quarter.

Looking to the BLS’ latest “Metropolitan Area Employment and Unemployment” report, both regional and state unemployment rates saw little change in the United States during the month of August. Last month, the national unemployment rate showed little change, dropping just .1 percentage points to 6.2 – 1.1 percentage points lower than August 2013. Overall unemployment changes have been positive, with forty-five states and the District of Columbia showing unemployment rate decreases over the past 12 months.
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September’s Job Gains Back to 200,000+

Job-Market-TodaySource: BLS “The Employment Situation report – September 2014”

The job market is looking up! The U.S. Bureau of Labor Statistics released its September 2014 unemployment report this morning, showing an overall monthly gain of 248,000 jobs – considerably higher than last month’s reported gain of 142,000. The unemployment rate also saw an impressive decline of 0.2 percentage points, dropping from 6.1 percent to 5.9 percent, which is the lowest rate we’ve seen since September, 2008.

Revisions to prior months show that both July and August experienced more growth than was previously reported. The July payroll number was revised from +212,000 to +243,000 and the August number was revised from +142,000 to +180,000. That makes a combined 69,000 more jobs than initially reported.
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August Brought Fewer New Jobs Than Expected, But Several Industries Saw Steady Growth

Job-Market-TodayThe United States generated 142,000 new jobs in August, breaking the six-month streak of +200,000 job gains. This number comes in well below what economists were expecting, however, August is historically a slower month for job growth. The unemployment rate dropped slightly from 6.2 percent to 6.1 percent.  During the past year, the unemployment rate and the number of unemployed persons have declined by 1.1 percentage points, and 1.7 million, respectively.

Revisions to prior months showed that both June and July had seen 28,000 fewer new jobs than was previously reported. The June payroll number was revised from +298,000 to +267,000 and the July numbers were revised from +209,000 to +212,000.

Looking deeper into the BLS “Employment Situation – August 2014” report, here are some figures on job creation in specific industries:
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The latest BLS regional and metro-area unemployment figures

BLS-regional-metro-data-on-BLS-employment-report

Both regional and state unemployment rates saw little change in the United States metropolitan areas, according to the latest BLS “Metropolitan Area Employment and Unemployment” report. In July, the national unemployment rate increased slightly to 6.2 percent – 1.1 percentage points lower than July of last year. Forty-nine states and the District of Columbia have seen unemployment rate decreases over the past year.

Looking deeper into the July metro area numbers, Bismarck, North Dakota once again led the nation with the lowest unemployment rate — now at 2.4 percent, a decrease of 0.2 percentage points from June. Of the 372 metropolitan areas, 15 had jobless rates of at least 10 percent, whereas 68 areas had rates of less than 5.0 percent.
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Job growth in August was slow compared to previous months

Job-Market-TodaySource: BLS “The Employment Situation report – August 2014”

The United States saw an additional 142,000 jobs created in nonfarm payroll employment during the month of August, according to the latest Bureau of Labor Statistics (BLS) unemployment report.  Both professional and business services and healthcare saw the highest employment gains.

The total number of job gains came in under what economists expected, as many had forecasted another month of 200,000+ new jobs. Traditionally, August has always been a lower month in payroll additions, and often has a high number of revisions, so experts are noting that changes could be in store in next month’s report.

The unemployment rate changed little – dropping from 6.2 to 6.1 percent from the month prior. August breaks the six-month streak of 200,000+ job gains, but over the year, the unemployment rate and the number of unemployed persons are down by 1.1 percentage points and 1.7 million, respectively.

The June report was revised from +298,000 to +267,000, and the July payroll was revised from +209,000 to +212,000—28,000 fewer jobs than reported.

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