U.S. Job Growth Moderates in September

Why it matters locally: While specific Iowa job growth figures for September are not yet available in this national report, the trends in sectors like manufacturing and professional and business services could reflect similar patterns within the state's economy.

Washington D.C. – Employers in the United States added 263,000 jobs in September, marking a decrease from the 315,000 jobs created in August. The Bureau of Labor Statistics released this new data on Friday. The national unemployment rate also saw a shift, falling to 3.5% in September from 3.7% in August. This figure matches the pre-pandemic unemployment rate recorded in February 2020. Average hourly earnings for private sector employees increased by 10 cents, or 0.3%, in September. Over the past 12 months, average hourly earnings have risen by 5.0%. This represents a slight cooling compared to the 5.2% year-over-year increase observed in August. Several sectors experienced job gains during the month. Leisure and hospitality employers added 83,000 jobs, while health care saw an increase of 60,000 jobs. Manufacturing employment grew by 22,000 positions, and construction added 19,000 jobs. Professional and business services also contributed to job growth with 46,000 new positions. Conversely, some sectors reported job losses. Retail trade employment decreased by 1,000 jobs, and the transportation and warehousing sector shed 8,000 jobs. Government employment also declined by 25,000 positions in September.