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In September 2024, the U.S. labor market showed resilience with a strong increase of 254,000 in total nonfarm payroll employment, according to the latest report from the Bureau of Labor Statistics. This rise, largely undeterred by the impact of Hurricane Francine, highlights the ongoing recovery and robustness of various sectors in the economy.
The unemployment rate in September remained stable at 4.1 percent, with the number of unemployed persons at 6.8 million. This indicates a minor change from previous months, showcasing a relatively steady labor market.
Key sectors contributing to job growth include food services and drinking places, health care, government, social assistance, and construction. Notably, employment in food services rose by 69,000, significantly exceeding the average monthly gain of 14,000 over the past year. The healthcare sector also contributed positively, adding 45,000 jobs.
Government employment continued its upward trend, increasing by 31,000 jobs, while the construction industry saw an addition of 25,000 jobs, driven by nonresidential specialty trade contractors. These gains suggest a broad-based strengthening across various industries.
Average hourly earnings for all private nonfarm payroll employees increased by 13 cents to $35.36, marking a 4.0 percent increase over the past 12 months. However, the average workweek for all employees edged down slightly by 0.1 hour to 34.2 hours, indicating shifts in working hours amid the changes in employment.
Hurricane Francine, which made landfall in southern Louisiana on September 11, 2024, did not significantly alter the national payroll employment figures or the unemployment rate. Survey responses remained within normal ranges, suggesting the overall stability of the labor market during this period. The impact of the hurricane was assessed to have little discernible effect on the broader employment statistics, maintaining confidence in the underlying economic trends.