US adds 254,000 jobs in Sept 2024: BLS

07 Oct '24

2 min read

Pic: Adobe Stock

Insights

The US economy added 254,000 jobs in September and the unemployment rate, at 4.1 per cent, and the number of unemployed, at 6.8 million, changed little.
The figure exceeded expectations, the department of commerce noted.
In September, the labour force participation rate was 62.7 per cent for the third consecutive month, and the employment-population ratio was little changed at 60.2 per cent.

The US economy added 254,000 jobs in September and the unemployment rate, at 4.1 per cent, and the number of unemployed, at 6.8 million, changed little, the Bureau of Labour Statistics (BLS) recently reported. The figure exceeded expectations, the department of commerce noted.

Sixteen million jobs have been created under the Biden administration till now.

In addition, the US economy remains strong with an increase in real gross domestic product (GDP) and a rise in wages and consumer spending, the department said in a release. Unemployment is down to 4.1 per cent for the lowest average unemployment in 50 years.

Over 700,000 new manufacturing jobs have been created and over $910 billion in private manufacturing investments have been announced nationwide in the industries of the future, it said.

Wages also continue to rise. The latest BLS estimates show real average hourly earnings for all workers increased by 0.2 per cent month on month and by 1.3 per cent YoY in August.

In September, the labour force participation rate was 62.7 per cent for the third consecutive month, and the employment-population ratio was little changed at 60.2 per cent. Both measures changed little over the year.

The number of people not in the labour force who currently want a job, at 5.7 million, changed little in September.

Fibre2Fashion News Desk (DS)

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