(The Center Square) – The U.S. economy added 263,000 nonfarm payrolls last month, the lowest number of new jobs for a month all year.
The United States Bureau of Labor Statistics has released Datawhich showed that the unemployment rate fell slightly to 3.5%.
“The unemployment rate hit 3.5% in September, returning to its July level,” the BLS said. “The number of unemployed fell slightly to 5.8 million in September.”
This rate varies by demographics.
“Among major worker groups, the unemployment rate for Hispanics declined to 3.8% in September,” the BLS said. “Unemployment rates for adult males (3.3%), adult females (3.1%), teens (11.4%), whites (3.1%), blacks (5.8% ) and Asians (2.5%) were little changed over the month. ”
The number of part-time workers who could not find full-time employment also fell.
“The number of people employed part-time for economic reasons fell by 306,000 to 3.8 million in September,” the BLS said. “These people, who would have preferred a full-time job, were working part-time because their hours had been reduced or they couldn’t find full-time work. “The number of inactive people who currently want a job was little changed at 5.8 million in September and remained above its February 2020 level of 5.0 million. These people were not counted as unemployed because they were not actively looking for work in the four weeks preceding the survey or were not available for work.
Democrats and some economists touted the economic numbers, but the Dow Jones lost 400 points immediately after they were released.
“Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force was little changed in September at 1.6 million,” the BLS said. “These people wanted and were available for work and had looked for work in the previous 12 months, but had not looked for work in the four weeks before the survey. The number of discouraged workers, a subset of marginally attached people who thought no jobs were available, rose from 119,000 to 485,000 in September.