Market Updates
Nonfarm Payrolls Expanded at the Fastest Pace in Six Months
Brian Turner
04 Oct, 2024
Washington, D.C.
The U.S. economy added 254,000 jobs in September from the upwardly revised 159,000 in August, the U.S. Bureau of Labor Statistics said in its monthly report.
Job additions in September were the strongest in the last six months and higher than the average over the prior 12 months.
Employment in food services and drinking places increased by 69,000, in healthcare by 45,000, in government by 31,000, and in social assistance by 27,000.
Employment changed little in financial activities, professional and business services, and transportation and warehousing.
In September, average hourly earnings for all employees on private nonfarm payrolls increased by 13 cents, or 0.4%, to $35.36, and average hourly earnings increased by 4.0% over the last 12 months.
The change in total nonfarm payroll employment for July was revised up by 55,000 to 144,000, and the change for August was revised up by 17,000 to 159,000.
With these revisions, employment in July and August combined is 72,000 higher than previously reported.
The unemployment rate increased to 4.1% from 3.8% a year ago, and the number of unemployed people rose to 6.8 million from 6.3 million, respectively.
Both the jobless rate and the number of unemployed people were changed little in September.
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