Skip to main content

Unemployment flat as job growth slows in September

The U.S. economy added a disappointing 142,000 jobs in September and the unemployment rate stayed at 5.1 percent.

The U.S. economy added a disappointing 142,000 jobs in September and the unemployment rate stayed at 5.1 percent, the U.S. Department of Labor reported today.

Job gains occurred in health care and information and mining employment fell. The department revised its August figures to show that only 136,000 jobs were added during that month.

The department also said average hourly earnings for all employees on private nonfarm payrolls fell by 1 cent, to $25.09, after a 9-cent gain in August.

"You can’t throw lipstick on this pig of a report," Brian Jacobsen, a portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wis., told Reuters.

Reuters said the August and September job figures marked the smallest two-month gain in employment in more than a year.

The report raised fresh doubt that the Federal Reserve will raise interest rates before the end of the year.

The government said the number of long-term unemployed (those who have been jobless for 27 weeks or more) was little changed, at 2.1 million in September, and they accounted for 26.6 percent of the unemployed.

The civilian labor force participation rate declined to 62.4 percent in September; it had been 62.6 percent for the previous three months.

The number of people employed part time for economic reasons (sometimes referred to as involuntary part-time workers) declined by 447,000, to 6 million, in September. These people, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job.

In September, 1.9 million people were marginally attached to the labor force, down by 305,000 from a year earlier. The data are not seasonally adjusted.

These people were not in the labor force, wanted and were available for work and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the four weeks preceding the survey.

Related

1_LIMESTONE

Limestone Secures Financing for Expansion

The company said the $6 million in credit will be used to improve its Tennessee manufacturing facility and buy new equipment.

1_MCKENZIE

Mastry Marine Names Repower Center

St. Augustine, Fla.-based McKenzie Marine is the engine distributor’s latest designated Suzuki Repower Center.

1_VANDERBILT

Vanderbilt Ships First Pontoon

The company said the 700T Series was the first model shipped from its new Fort Wayne, Ind., factory and was delivered to The Marina in Angola, Ind.

1_CHIPS.ACT

NMMA Celebrates CHIPS Act

The legislation aims to return semiconductor manufacturing to the U.S. and allows businesses to deduct R&D costs in the same year they are incurred.

1_COX

Cox Marine Hires Sales and Support Staff

The diesel outboard builder this week brought aboard a new regional sales director, regional sales manager and an aftersales manager.

1_DEALEROUTLOOK

Boating Interests Lose Wind Farm Battle

The Ohio Supreme Court has ruled that a proposed wind farm off the Cleveland, Oh., waterfront meets planning requirements.

1_INFLATION.JULY

July Inflation Data Lags June

Consumer Price Index results may indicate that inflation has peaked, and Producer Price Index data was below market expectations.

1_YAMAHA

Yamaha Posts Higher Sales, Profit

The company’s first half 2022 net sales increased to $1.93 billion, and segment income rose to $330 million.