October 5, 2018

September 2018 Jobs Report

Unemployment Rate: 3.7 percent
Jobs Created: 134,000

Employment and Unemployment

  1. The Department of Labor reported an unemployment rate of 3.7 percent for September, the lowest since December 1969.

  2. Nonfarm jobs grew by 134,000 in September. Sectors with gains were construction (23,000), professional and business services (54,000), and transportation and warehousing (24,000).

  3. Job gains were revised upward for July and August by a combined 87,000 jobs.

  4. The U.S. has created more than 1.8 million new jobs since the Tax Cuts and Jobs Act became law.

  5. The U-6 rate, a measure of unemployed and underemployed workers, was 7.5 percent, up from 7.4 percent in August. By this measure, 12.2 million Americans are unemployed. They include people who are unemployed (6.0 million), want work but have not looked for a job recently (1.6 million), or are working part time because they cannot find full-time employment (4.6 million).

  6. The median length of unemployment was 9.2 weeks in September, down from 10.1 weeks a year ago.

  7. The number of long-term unemployed, those unemployed for 27 weeks or more, was 1.4 million, down 349,000 from a year ago. They account for 22.9 percent of the unemployed.

Labor Force Participation

  1. The labor force participation rate was 62.7 percent, the same as in August and below the pre-recession rate of 66 percent.

Wages

  1. In September, average hourly earnings for all employees on private nonfarm payrolls increased by 8 cents to $27.24. It is a 73-cent, or 2.8 percent, gain from a year ago.

Issue Tag: Labor