On Friday October 6th, the U.S. Labor Department released their September Employment Report. This month shows large increases in job creation, more than double the 170k estimates.
With unemployment remaining unchanged at 3.8% and over 3 million more jobs than job seekers, recruitment and retention remain top of mind for business owners.
Key Insights:
The September Employment report revealed an impressive surge in job creation, with 336k new jobs added in September alone. This exceeded the initial estimates of 170k, showcasing the robust growth in the job market.
These gains were widespread, with nearly all industries experiencing an increase in the workforce. Particularly noteworthy was the Leisure & Hospitality sector, which led the way with 96k new jobs, largely due to the surge in hiring within restaurants and bars. However, the Information industry experienced a setback, losing 5k jobs in September.
It is worth mentioning that revisions to the previous two months' data added an additional 119k jobs to August and July, effectively offsetting the -110k revision to July and June.
The unemployment rate remains unchanged at 3.8%, with workforce participation rates holding steady at 62.8%.
The average hourly earnings rate growth was steady, missing expectations for an uptick. The average earnings for all employees rose 0.2% for the month and 4.2% from a year earlier. Average earnings for non-supervisory workers also rose 0.2% for the month.
The September Employment report serves as a reminder that retaining and recruiting top talent in this market remains a challenge. Ready to take your recruitment strategy to the next level? Contact us today.