Exceeding economists’ predictions by over 30,000 jobs, the U.S. job market continues to grow with employers having added 248,000 jobs throughout September. This month’s jobs report also reveals that the unemployment rate has dropped by 0.2% to 5.9%– the lowest it has been since July 2008.
Of the 4 jobs sectors in the United States, the business services, construction and healthcare jobs sectors experienced significant growth. According to Chief Strategist JJ Kinahan, these jobs sectors are “areas where people can have careers and not just short term jobs.” This increase in long-term job opportunities can hopefully reduce the number of discouraged workers (unemployed individuals who believe there are no jobs available for them)—currently populated at 689,000.
Although the labor force participation rate dipped from 62.8% to 62.7%, and the employment-population ratio remained static at 59%, this overall positive jobs report emphasizes the nation’s increased momentum toward economic stability.
Learn more about the September jobs report here.