134,000 Jobs Added in September, Unemployment Rate Dips to 3.7%

Total nonfarm payroll employment grew by 134,000 in September, a decrease from last month’s upwardly revised reading of 270,000, according to the Bureau of Labor Statistics. The national unemployment rate dropped to 3.7%, the lowest rate since 1969.

Private service-providing industries gained 75,000 jobs, led by professional and business services, which added 54,000 jobs.

Goods-producing employment rose by 46,000 jobs during the month, as gains in construction led by adding 23,000. Manufacturing employment gained 18,000 jobs in September.

The civilian labor force participation rate remained at 62.7 percent. Workers unemployed for less than 14 weeks decreased by 143,000, while the number of long-term unemployed, those jobless for 27 weeks or more, rose by 52,000 and accounted for 23 percent of the unemployed. The number of discouraged workers was 383,000, down slightly from a year earlier.

Average hourly earnings rose by 8 cents, settling at $27.24. Over the past year, average hourly earnings have risen by 73 cents, or 2.8%, down slightly from last month.

Read the BLS release.

About Jack McCabe

Jack McCabe is a research associate in the Economic Policy and Research group at the ABA.
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