11/10/2023 0 Comments Mindup org jobsThat follows a big loss of trucking jobs in August when the Yellow trucking company suddenly went out of business. Something that does show up this morning, though, is 9,000 new trucking jobs. So we'll keep an eye out to see if those numbers show up in the October employment report. It also does not reflect the resolution of the writers strike in Hollywood. It doesn't reflect the 25,000 or so autoworkers who are on strike right now or the several thousand more workers who've been idled because of part shortages related to the strike. This report is based on a jobs tally that was done in the middle of September, just before the UAW strike began. It is something to keep an eye on, though.įADEL: You know, as we're talking about labor and jobs, I'm thinking of the big autoworkers strike that's going on right now. So I wouldn't read too much into the one-month increase. One cautionary note, we did see a rise in the unemployment rate for African Americans last month. It typically means people think that jobs are available, and if you've got more people working, you can grow the economy without putting upward pressure on inflation. The jobless rate had ticked up a bit in August, when there was a big surge of new people coming off the sidelines and joining or rejoining the workforce. But it's still very low by historical standards. That is up a little bit from where we were earlier in the year. HORSLEY: The unemployment rate held steady in September at 3.8%. So that's - those wage gains are not something that's really going to make the Fed overly nervous, I don't think.įADEL: So what's happening with the unemployment rate? Average wages in September were up 4.2% from a year ago, and wages rose just two-tenths of a percent between August and September. In fact, wage gains were a little bit lower than expected. But despite the big job gains last month, we did not see any acceleration in wage growth. Fed policymakers worry that if the market's too tight, it could put upward pressure on wages, and that, in turn, could fuel inflation. Certainly, the Fed has been keeping a close eye on the job market. Investors are nervous that the Federal Reserve will see this and push interest rates even higher in order to get prices under control. And the stock market's down this morning. So everything you're describing sounds like good news. Even construction and manufacturing firms added jobs last month, even though those are industries that typically see a slowdown when interest rates rise like they have.įADEL: OK. So maybe the days of restaurant owners having to wash their own dishes are finally behind us. Bars and restaurants added 61,000 jobs, and they're now finally back to where they were before the pandemic. There were big gains in health care and hospitality. The September gains were really widespread. Job numbers for July and August were also revised up by more than 100,000 jobs. Employers ramped up their hiring last month. job market - far from slowing down, as forecasters expected. HORSLEY: It shows that it was a sizzling September in the U.S. SCOTT HORSLEY, BYLINE: Good morning, Leila.įADEL: Good morning. Here to dig into the numbers is NPR's Scott Horsley. And while it's encouraging for anyone looking for work, it could complicate the Federal Reserve's efforts to bring down inflation. That's about twice as many as forecasters were expecting. We got some stunning news about the job market this morning.
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