Employment Research Brief

Labor market flexes renewed strength. Following three straight monthly gains below 160,000 new jobs, national employment rose by 254,000 positions in September 2024 — the largest hike since March. That addition lowered unemployment to 4.1 percent, which is up 30 basis points from the same point in 2023 but down from the 4.3 percent peak in July, easing recession concerns. Employment gains spanned a wide range of sectors in September. Driven by accommodations and food services hiring, the leisure and hospitality tally surged by 78,000 jobs — its largest expansion in 20 months. Education and health services continued to spearhead growth, with an 81,000-personnel surge in September bringing the sector’s net gain year to date above 700,000 new positions. Manufacturing was the only major labor segment to post a monthly reduction, although the 7,000 roles lost was an improvement from August’s drop of 27,000 positions.