Deerfield, IL Jobs Report
This last month the unemployment rate declined by 0.2 percent, making it the lowest unemployment rate since December 1969. September’s release also noted that there were 136,000 jobs added, which fell short of economists’ expectations of 145,000.
Average hourly wages also showed little change at a 1 cent decrease between September and August; we’ve been seeing between a 0.3 and 0.4 percent increase in recent months, and are holding steady at a year-over-year 2.9 percent gain.
On the topic of the average earnings, Greg Daco, Chief U.S. Economist at Oxford Economics, was quoted saying in article from the Financial Times, “I would present this as cooling but not frozen, we have businesses that are a bit more cautious when it comes to hiring, that are cautious when it comes to implementing large wage increases because of their limited ability to pass on higher costs, and yet, they’re still in need of hiring employees.”
Revisions were released regarding the total jobs added for August and July. July saw an increase of 7,000 jobs, bringing it to a total of 166,000. August added 38,000 to the original report, totaling at 168,000 jobs. As far as the labor force participation rate, there was no change and it holds steady at 63.2 percent.
BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.