In its latest Employment Situation Summary, the U.S. Bureau of Labor Statistics (BLS) reported that job gains in September exceeded expectations, with employers adding 254,000 jobs instead of the approximate 140,000 expected by economists. This is the largest increase since March 2024, when 303,000 jobs were added. It’s also above the average monthly gain of 203,000 over the prior 12 months.
While job totals are up, overall hiring has slowed throughout the year. According to the most recent Job Openings and Labor Turnover Summary from the BLS, hiring levels diminished by about 100,000 from July to August 2024 but are trending down substantially from one year prior.
The unemployment rate changed little at 4.1% but remains higher than one year ago. This stability in unemployment suggests that, despite the increase in job totals, the market is taking a guarded approach to hiring. Economists attribute the slow down in hiring to several factors, including economic uncertainties and businesses’ caution to expand their workforce amid fluctuating market conditions.
All COVID-19 Resources
EOB Featured Workshop
