The September jobs report issued by the U.S. Bureau of Labor Statistics (BLS) on Friday surprised economists and analysts. And, it wasn’t a pleasant surprise.
The U.S. economy added far fewer jobs than economists expected, the BLS revised down previous job-growth numbers instead of up as anticipated, wage growth was non-existent, and the labor-force participation rate hit its lowest mark since 1977.
According to the BLS report, U.S. employers added 142,000 jobs in September. Economists were expecting about 200,000 jobs.
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The BLS also revised down its August and July employment reports with updated data, showing that the economy added 59,000 fewer jobs than previously reported.
Average hourly earnings for employees on private-sector payrolls slipped one penny to $25.09 in September from $25.10 in August. Analysts expected earnings to rise 0.2 percent, or about 5 cents.
Finally, the national labor-force participation rate declined to 62.4 percent in September from 62.6 percent in each of the last three months. The participation rate has not been this low in 38 years.
We’ll get a look at the September jobs data for New York state and its metro areas on Oct. 15, when the state Department of Labor issues its report.
Contact Rombel at arombel@cnybj.com
