U.S. payrolls up, jobless rate down

Payrolls keep growing in the United States, albeit at a slower pace, and the unemployment rate continues to drop.

Nonfarm payrolls increased 194,000 and the jobless rate dropped four-tenths of a point to 4.8 percent in September, according to the latest estimates from the U.S. Bureau of Labor Statistics.

The latest payroll increase was about a third of the average monthly gain of 561,000 through the first three quarters of 2021.

Estimated payroll gains for August and July were combined upward a total of 169,000 to 366,000 and 1,091,000, respectively.

Employment has increased 17.4 million since April 2020, but remains 5 million below February 2020 and the onset of the COVID-19 pandemic in the United States.

For September, 7.7 million people were counted among those unsuccessfully looking for work, down 710,000 from August. Among those, 2.7 million have been out of work 27 weeks or longer.

Another 4.5 million people were counted among those working part-time because their hours were reduced or they were unable to find full-time positions.

The labor force participation rate slipped a tenth of a point to 61.1 percent.

Employment increased 74,000 in the leisure and hospitality sector, 60,000 in professional and business services, 56,000 in retail trades and 47,000 in transportation and warehousing.

Employment decreased 144,000 in local government education with lower-than-usual back-to-school hiring.

The average workweek increased two-tenths of an hour to 34.8 hours. The average manufacturing work week remained unchanged at 40.4 hours.

Average hourly earnings rose 19 cents to $30.85 as increasing labor demand associated with recovery from the pandemic pushed wages higher.