The September jobs report was released earlier this morning from the Bureau of Labor Statistics, showing very little change from the month of August. The overall unemployment rate remains at 5.1% with employers creating 142,000 jobs. Last month, it was originally estimated that 173,000 jobs had been created during August, however that number has since been revised to 136,000. While it is disheartening that August’s job total is not quite as robust as its original estimate, there is cause for optimism with the upward trend in the number of jobs being created.
Fed Interest Rate Hike
Two weeks ago, the Federal Reserve announced their decision not to raise interest rates from their current level in response to the current state of the market. The Fed’s chairwoman, Janet L. Yellen, later suggested that an interest rate hike could still occur prior to the end of the year. However, this latest data showing no changes in either the unemployment rate or the average hourly wages suggests that the rate hike may not occur until the beginning of next year. Let’s dive in deeper into this morning’s data.
National Jobs Data
As previously mentioned, the job creation total for August was revised from its original estimation of 173,000 to 136,000. With this fact in mind, along with the stagnant unemployment rate, it could be tempting to view the current state of the job market in a negative light. However, it’s important not to lose sight of the bigger picture. Job creation totals are continuing to trend upwards with many industries performing very well during the month of September. The job market is in a good state, just not quite as ideal as many had hoped.
IT Industry Continues to Outperform Most
While the national unemployment rate continues to sit at 5.1%, the Professional, Scientific and Technical Services unemployment rate remains significantly lower at 3.1%. It is worth noting that this rate is up from August’s 3.0%, however it is certainly not a cause for concern as the sector continues to see lower unemployment rates than most others.
The Professional and Business Services sector continues its impressive streak of adding jobs month over month. The Professional, Scientific and Technical Services sector added 17,700 jobs on its own. Of the 17,700 jobs, the computer systems design and related services added 7,000. Since September 2014, Professional and Business Services have added 536,000 positions.
September Fast Facts
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