United States: Labor market conditions improve in September, but at a more moderate pace
October 4, 2021
Total non-farm payrolls increased by 194,000 in September, following August’s 366,000 increase in payrolls. Employment gains occurred in leisure and hospitality, in professional and business services, in retail trade, and in transportation and warehousing.
The unemployment rate ticked down to 4.8% in September from 5.2% in August, and the labor force participation rate fell slightly to 61.6% in September, from 61.7% in August. Hourly earnings rose 0.6% month-on-month in September (August: +0.4% mom), while annual wage growth accelerated to 4.6% from 4.0%.
Author: Steven Burke, Economist