by calculated risk 10/04/2024 09:16:00 AM
The number of major employees in the September employment report was much higher than expected, and the number of employees for July and August was revised upward by a combined 72,000 people. The participation rate remained unchanged, the employment-population ratio increased, and the unemployment rate fell to 4.1%.
Construction employment increased by 25,000 and is now 688,000 above pre-pandemic levels.
Manufacturing employment fell by 7,000 jobs and is now 137,000 above pre-pandemic levels.
Since overall participation rates are affected by both business cycles (recessions) and demographic trends (aging population, young people attending school), we show here the proportion of employed people in the main working age group, 25-54 years old. Masu.
Participants between the ages of 25 and 54 decreased from 83.9% in August to 83.8% in September.
The employment population ratio for people aged 25 to 54 was 80.9%, unchanged from 80.9% in the previous month.
average hourly wage
The graph shows the nominal year-on-year change in the “average hourly wage” for all private sector employees based on the Current Employment Statistics (CES).
The wage growth rate has been on a downward trend since peaking at 5.9% year-on-year in March 2022, and was 4.0% year-on-year in September.
From BLS report:
”The number of people employed part-time for economic reasons remained almost unchanged at 4.6 million in September. This number was up from 4.1 million the previous year. These people wanted full-time employment but worked part-time because their hours were reduced or they were unable to find full-time work.”
The number of people working part-time for economic reasons decreased to 4.62 million in September from 4.83 million in August. This is above pre-pandemic levels.
These workers are alternative measures The labor underutilization rate (U-6) decreased to 7.7% from 7.9% in the previous month. This is down from the all-time high of 23.0% in April 2020, and up from the all-time low (seasonally adjusted) of December 2022 (6.5%). (This series began in 1994). This figure is above the 7.0% level in February 2020 (pre-pandemic).
have been unemployed for more than 26 weeks
This graph shows the number of workers who have been unemployed for more than 27 weeks.
According to the BLS, 1.63 million workers have been unemployed for 26 weeks or more and still want a job, up from 1.53 million in the previous month.
This is above pre-pandemic levels.
continuous job
Employment statistics show 45 consecutive months of positive employment through September 2024, tying the current employment streak for fourth place for the longest employment streak in U.S. history (since 1939). This streak is likely to persist even after the annual benchmark revision, in which employment growth is revised downward.
| Ranked in the top 10 in a row for popular job openings | ||
|---|---|---|
| year ended | Consecutive number, number of months | |
| 1 | 2019 | 100 |
| 2 | 1990 | 48 |
| 3 | 2007 | 46 |
| 4 necktie | 1979 | 45 |
| 4 tie | 20241 | 45 |
| 6 Thailand | 1943 | 33 |
| 6 Thailand | 1986 | 33 |
| 6 Thailand | 2000 | 33 |
| 9 | 1967 | 29 |
| 10 | 1995 | twenty five |
| 1current streak | ||
summary:
The number of major employees in the September employment report was much higher than expected, and the number of employees for July and August was revised upward by a combined 72,000 people. The participation rate remained unchanged, the employment-population ratio increased, and the unemployment rate fell to 4.1%.
Employment statistics were positive.
