Employment Situation Summary as of September 2023

Here is a summary of the economic situation based on the BLS data :

All Employees

• Total nonfarm employment increased by 2.08% from the previous year.
• Service-providing industries accounted for the majority of job growth, with employment increasing by 2.15% over the year.
• Goods-producing industries saw more modest job growth, with employment increasing by 1.61% over the year.

Specific industries

• The leisure and hospitality industry saw the strongest job growth of any industry, with employment increasing by 4.27% from the previous year.
• This was followed by private education and health services (+4.11%), government (+2.81%), and construction (+2.78%).
• The information industry saw the largest decline in employment, with a decrease of 2.47% from the previous year.

Overall, the economic situation is positive, with employment growth across most industries. However, there are some concerns about the slowing growth in the goods-producing sector and the decline in employment in the information industry.

Here are some additional insights from the data:

• The oil and gas extraction industry saw relatively strong job growth, with employment increasing by 2.76% from the previous year. This suggests that the energy sector is continuing to recover from the COVID-19 pandemic.
• The transportation and warehousing industry saw a decline in employment of 0.29%. This may be due to a number of factors, such as the ongoing supply chain disruptions and the shift to e-commerce.
• The manufacturing sector saw relatively weak job growth, with employment increasing by only 0.73% from the previous year. This may be a sign that the manufacturing sector is facing some headwinds, such as the rising cost of raw materials and the ongoing supply chain disruptions.

Overall, the BLS data suggests that the US economy is in a good position, but there are some areas of concern that need to be monitored closely. 

The largest level change from previous month was in the leisure and hospitality industry, with employment increasing by 96.00 jobs. This was followed by the private education and health services industry (+70.00 jobs), the government industry (+73.00 jobs), and the trade, transportation, and utilities industry (+45.00 jobs).

The only industry that saw a decline in employment from the previous month was the financial activities industry (-5.00 jobs).

Overall, the level changes from previous month in the Employment Situation report are positive, with most industries seeing job growth

Source:https://www.bls.gov/news.release/empsit.nr0.htm