Revisions cut 60,000 jobs from July and August, turning July into a 10,000-job loss. This is the last jobs report before the Nov. 3 midterms.
Employers added 29,000 jobs in September, the Labor Department said Friday, Oct. 2. Forecasters expected 84,000. Unemployment rose to 4.2% from 4.1% in August. Average hourly pay reached $37.81, up 3% in a year, which is below August's 3.4% inflation rate. National Economic Council Director Kevin Hassett credited the 485,000 people who joined the labor force, saying they expect to "make so much money." ([TS]Pay adjusted for inflation has fallen year over year for five straight months, per BLS.)
Where September's jobs came and went:
- Health care
- +16,700
- Government, mostly local
- -17,000
- Tech
- -17,000
Tech employment is down 69,000 over the past year, per Joseph Politano.