CITY OF WASHINGTON (October 8, 2021)–U.S. employers unexpectedly hired at a slower pace in September than in August, with labor supply shortages and virus-related impacts still exerting considerable pressure on the economic recovery.
The Labor Department released its September jobs report Friday morning. Here were the main metrics from the report, compared to consensus estimates compiled by Bloomberg:
Change in non-farm payrolls, September: +194,000 vs. +500,000 expected and a revised +366,000 in August
Unemployment rate: 4.8% vs. 5.1% expected, 5.2% in August
Average hourly earnings, month-over-month: 0.6% vs. 0.4% expected and a revised 0.4% in August
Average hourly earnings, year-over-year: 4.6% vs. 4.6% expected and a revised 4.0% in August
Non-farm payrolls were expected to pick up from August’s much weaker-than-expected print, when renewed fears over the coronavirus deterred more workers from reentering the labor market. Friday’s report did come alongside upward revision to each of the last two payrolls reports, with August payrolls revised up by 131,000 to reach 366,000, and July’s payrolls revised up by 38,000 to 1.091 million.