jilipark Labor Market Shows Unexpected Strength
jilipark Labor Market Shows Unexpected Strength
Many have doubted it. Even the optimists have worried about it. But despite the hand-wringingjilipark, the American economy appears to be in remarkably good shape.
Businesses added 254,000 jobs in September, the government reported on Friday, far surpassing forecasts. It was a sign that the economy, rather than stumbling into a slowdown, still has a spring in its step.
The unemployment rate declined to 4.1 percent, from 4.2 percent. Reported pay gains for workers were also better than expected, at 4 percent over the previous 12 months, an uptick from the August reading. With inflation continuing to ease substantially, that is welcome news for households trying to gain financial traction.
A Slight DropUnemployment rate
2
4
6
8
10
12
14%
2019
2020
2021
2022
2023
2024
4.1%
Note: Data is seasonally adjusted.
Source: Bureau of Labor Statistics
By Karl Russell
The impressive job gains, across several industries, followed several months of slower hiring. And the previous two monthly reports were revised upward. For now, the data has all but erased analysts’ concerns, based on historical trends, that the “hard landing” of a recession could be looming in the near future.
“I actually think we are in the mother of all soft landings,” said Diane Swonk, the chief economist at the accounting firm KPMG, who had been among the prominent worriers.
Only Manufacturing Jobs DeclineChange in jobs in September 2024, by sector
Education and health
+81,000 jobs
Leisure and hospitality
+78,000
Government
+31,000
Construction
+25,000
Business services
+17,000
Retail
+15,600
Manufacturing
–7,000
Note: Data is seasonally adjusted.
Source: Bureau of Labor Statistics
By Karl Russell
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