Source: Bureau of Labor Statistics
American Nonfarm Payrolls climbed less than expected in September, with figures remaining above pre-pandemic levels.
- Total Nonfarm Payrolls jumped by 194,000, lower than the market’s anticipated 500,000.
- The unemployment rate slipped by 0.4 percentage points to 4.8%, reflecting a decline of 710,000 unemployed persons to 7.7 million individuals.
- Both indicators are down from the peak recorded during the peak of the recession in February to April 2020 but remain higher than pre-pandemic levels.
- Permanent job losers fell by 236,000 to 2.3 million, but are 953,000 higher than in February 2020, while those on temporary layoff were little changed at 1.1 million.
- Long-term unemployment slipped by 496,000 to 2.7 million, up from 1.6 million in February 2020. This accounts for 34.5% of the total unemployed.
- The labor force participation rate was nearly unchanged at 61.6% in September and has remained within the 51.4% to 61.7% range since June 2020.