The details of September's jobs report are more encouraging
Friday’s jobs report for September was a disappointment, showing the economy adding just 29,000 new payroll jobs and the unemployment rate ticking up to 4.2%.
TL;DR
- September's jobs report added only 29,000 new payroll jobs, and the unemployment rate increased to 4.2%.
- The three-month moving average of job growth was 51,000, which is sufficient to keep pace with population growth.
- The employment-to-population ratio for prime-age workers rose to 80.7%, indicating labor market strength.
- The report does not show signs of an impending recession, according to the Sahm Rule indicator.
- Federal employment has decreased by approximately 328,000 since President Trump took office.
- Manufacturing employment is down 21,000 since President Trump took office, despite efforts to revive it.
- Construction employment rose by 11,000 in September.