September Jobs Report Indicates Steady Growth Toward Recovery from Pandemic Lows
Signs are looking up – the labor market in September is still growing at a healthy pace, and above the average levels seen before the pandemic. According to the latest jobs report from the Bureau of Labor Statistics (BLS), the United States job market continued to indicate strong employment growth during the month of September 2022. The number of jobs added to the economy increased by 263,000 last month, and the positive trend continued as the unemployment rate lowered to 3.8%, returning to its July level.
September’s job gains were vast, with the strongest growth in hospitality and healthcare, professional and business services, as well as steady, continuing gains in manufacturing and construction.
In addition, in the last month healthcare jobs have moved toward recovery from pandemic lows. With all these factors in play including higher than previously reported employment in July and August, the job market remains in good shape moving into 2023.
The Labor Department reported that job vacancies had declined by 10% in August, signaling that the talent shortage could be slowing down. If this trend continues, employers might benefit by gaining the talent they need faster. However, there was an increase in voluntary quits in utilities, transportation and warehousing and additional trade industries – signaling higher turnover rates in employees.
Source: September 2022 Monthly Jobs Report, Bureau of Labor Statistics