Kenny Porcari, chief market strategist at SlateStone Wealth, reacts to acting Labor Secretary Biden's comments on the jobs report and future Fed rate cuts.
increase in employment It accelerated faster than economists expected in September, driven by particularly strong growth in the food and beverage industry, health care and government.
Employers added 254,000 jobs in September, according to the Labor Department's monthly payroll report released Friday. This was significantly higher than the 140,000 increase expected by economists at LSEG. unemployment rate It has fallen to 4.1%.
Restaurant employment rose to 69,000 in September, far exceeding the average monthly increase of 14,000 over the past 12 months. The food and beverage industry was the main source of the leisure and hospitality industry's 78,000 job gains.
The health care industry added about 45,000 jobs in September, slowing compared to last year's average monthly increase of 57,000. These increases were concentrated in home health services (+12,700), hospitals (+11,500), and nursing and residential care facilities (+9,400).
US economy added 254,000 jobs in September, much more than expected
Leisure and hospitality added the most jobs in September, led by restaurant jobs. (Ilya Nouberge/Bloomberg via Getty Images/Getty Images)
Recruitment in government sector Numbers rose again in September, increasing by 31,000, but at a slower pace than the average of 45,000 per month over the past year. Growth in this sector last month was primarily in local government (+16,000) and state government (+13,000).
The social services industry added 26,500 jobs last month, most of them in private employment. family services (+21,200). Overall, employment in the sector exceeded last year's average of 21,000 people per month.
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construction company added 25,000 employees in September, exceeding the average increase of 19,000 over the previous 12 months. Most of the increase came from nonresidential specialty trade contractors (up 17,000 people).
Manufacturing jobs fell by 7,000 jobs in September, a sharper decline than the 5,000 job losses expected by LSEG economists.
The biggest decrease was in Manufacture of automobiles and automobile parts (-6,500) and Manufacturing of Electrical Equipment, Appliances and Components (-2,000), partially offsetting these losses with gains in Metal Fabricated Products (+3,700). The sector's job declines followed the loss of 27,000 jobs in August.
Construction employment continues to show signs of strength. (Alison Joyce/Bloomberg via Getty Images/Getty Images)
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of Transportation and warehousing The sector lost 8,600 jobs in September. The biggest losses were in warehousing (-11,000 jobs), air transport (-1,500 jobs), and scenic and tourist transport (-1,000 jobs). These were partially offset by increases in transit and ground passenger transport (+3,400) and parcels and messengers (+1,300).
Other sectors saw modest employment growth, including professional and business services (+17,000), retail trade (+15,600), financial activities (+5,000), information services (+4,000), and utilities (+3,400). did.
