The U.S. Economy Added 263,000 Jobs in September, Unemployment Rate Fell to 3.5%

[mystery-ak]

The U.S. Economy Added 263,000 Jobs in September, Unemployment Rate Fell to 3.5%

John Carney 7 Oct 2022

The U.S. economy added 263,000 jobs in September and the unemployment rate dipped to 3.5 percent, the Labor Department said Friday.

Economists had expected the economy to add 250,000 jobs and the unemployment rate to hold steady at 3.7 percent. The range of forecasts by economists surveyed by Econoday was between a gain on payrolls of 220,000 to 340,000. On unemployment, the range of forecasts was for 3.6 percent to 3.7 percent.

The Labor Department’s Job Opening and Labor Turnover Survey showed that there were 10.1 million job openings at the end of August, around 1.7 vacancies for every unemployed person.

The demand for labor from employers has proven extremely resilient, adding to payrolls and vacancies even as the Federal Reserve has hiked interest rates up at a rapid pace, raising the fed funds rate at every meeting since March.

The labor force participation rate slipped slightly to 62.3 percent, down a tick from 62.4 percent in August.

The average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $32.46. Compared with a year ago, average hourly earnings have increased by 5.0 percent. Economists had forecast a 0.3 percent monthly gain and a 5.1 percent annual gain.

https://www.breitbart.com/economy/2022/10/07/the-u-s-economy-added-263000-jobs-in-september-unemployment-rate-fell-to-3-5/

[mystery-ak]

October 7, 2022 8:30am EDT
US job growth slows again in September with just 263,000 positions added
The Fed is closely watching for signs the labor market is starting to cool

By Megan Henney FOXBusiness

U.S. job growth slowed for a second consecutive month in September, but hiring remained solid despite growing headwinds from higher interest rates, scorching-hot inflation and mounting recession fears.

Employers added 263,000 jobs in September, the Labor Department said in its monthly payroll report released Friday, slightly topping the 250,000 jobs forecast by Refinitiv economists. It marks the lowest monthly gain since April 2021.

The unemployment rate, meanwhile, unexpectedly dropped to 3.5%, returning to the historic low recorded in July.

While monthly jobs data is always important, the Federal Reserve is closely watching this particular report for signs the labor market is starting to slow down from its frenzied pace as policymakers try to wrestle inflation, which is still running near a 40-year high, back to 2%.

Fed Chair Jerome Powell conceded during the post-meeting press conference in September that higher rates could "give rise to increases in unemployment."

"We think we need to have softer labor market conditions," Powell said. "And if we want to set ourselves up, really light the way to another period of a very strong labor market, we have got to get inflation behind us. I wish there were a painless way to do that. There isn't."

For months, the labor market has remained one of the few bright spots in the economy. But there are growing signs that the labor market is starting to weaken, with a number of major companies, including Alphabet's Google, GE, Apple, Meta and Microsoft, announcing hiring freezes or layoffs in recent weeks.

Jobless claims also increased more than expected last week, with the number of Americans filing first-time unemployment benefits rising to 219,000, a five-week high.

If unemployment benefits continue to climb, it could be a sign that employers are laying off workers as consumers pull back on spending and the economy grinds to a halt. Other data published this week shows that job openings plummeted to the lowest level since early in the pandemic, indicating that employers are putting hiring on the back burner.

This is a developing story. Please check back for updates.

https://www.foxbusiness.com/economy/us-job-growth-slows-again-september-positions-added

[GtHawk]

Just because so many people are having to to take on second and even third jobs to survive doesn't mean the economy is doing well or would I consider really adding jobs. I am amused that on one day the story is that unemployment benefit claims are up higher than expected and the very next there is a story about how many jobs have been added and that the economy is improving. WHERE is the economy improving? Yesterday I put E85 in a van I borrowed because even though it will get me 25% less mileage it cost 40% less, and I hate ethanol fuel but Joes economy........

[sneakypete]

Was "New" math used to compile these figures?

Or are they now counting people living on unemployment pay as having occupations?

For those of you who  don't know,Hardees burger restaurants in rural areas are now paying $14 per hour for help that can't figure out how to work a cash register,and the pay goes up from there. Managers are getting $33 an hour.

And the nearest Hardees to me sometimes has the lobby locked on Saturdays and Sundays because not enough workers show up to open it.

I tried to give some suggestions to a new snowflake (still don't know if it is a boy or a girl) on how to do something easier,and it threw a fit and went and stood facing a wall and stared at it until a manager got involved and asked it what was wrong.

The day shift manager,who just happens to be a very nice black woman who is working a job I wouldn't work for any amount of money (babysitting snowflakes while trying to run a business? No thanks!),came over to me and sat down and told me I had to stop harrassing her employees. She then informed me that snowflake was a "very smart child,and  sensitive,so you can't talk to him like that." Yeah,it is claiming to be a "him",but it still looks like a fat girl.

Anyhow,I have known this woman for several years,and have an understanding of what she has to deal with on a daily basis to earn her living,so I agreed that I would never again speak "harshly" (?) to snowflake.

When the shift manager left me she went to assure snowflake that it was now safe from criticism,it quit staring at the wall and went back to work.

It still won't wait on me,though. If it is working the counter when I come in,it walks away and has someone else wait on me.

Don't get me wrong. That Hardees has several really hard-working employees who are as helpful and cheery as anyone can be,but snowflake does have company. I  just see them walking around in the kitchen. They never work the register.

That poor woman shift manager truly earns every nickel they pay her. I wouldn't put up with that crap for any amount of money.

BTW,working the counter seems to be the only job that snowflake works. I was in there one day when the coffee pot was empty and someone told it to make more coffee,and it said "I don't know how.",and went to the shift manager to complain,who then made the coffee herself.

[Weird Tolkienish Figure]

Just because so many people are having to to take on second and even third jobs to survive doesn't mean the economy is doing well or would I consider really adding jobs. I am amused that on one day the story is that unemployment benefit claims are up higher than expected and the very next there is a story about how many jobs have been added and that the economy is improving. WHERE is the economy improving? Yesterday I put E85 in a van I borrowed because even though it will get me 25% less mileage it cost 40% less, and I hate ethanol fuel but Joes economy........

My wife did.

[GtHawk]

My wife did.

I would if I could, but sure as hell if I worked even part time steady then Medicare would no doubt reassess my disability ( they have an option for disabled to go back to work just so they can boot them) and then I will get royally screwed. So damned if I don't and can't keep up with inflation, and damned if I do.