September’s Job Report and August’s Job Opening Survey have put a lot of experts on notice. For the second month in a row, the number of new jobs far exceeded expectations. With that news, though, has come a downward spiral in the markets as many fear that the Federal Reserve will raise interest rates again to try and balance the fight between employment and inflation. August’s job opening report saw the number of open jobs increase to 9.6 million. The number of new Non-farm payrolls increased dramatically by 336,000 for the month of September. Unemployment did not change from the previous month’s 6.4 million, with the unemployment rate remaining at the same 3.8% rate from the month of August. Transportation and Warehouse job openings increased minimally by 9,000 jobs.
August's Job Opening and Turnover Survey
At the end of August, job openings increased drastically to 9.6 million, and hires increased slightly to 5.9 million from the previous month. The quit rate also increased minimally to 3.6 million, and layoffs and discharges also rose a small amount to 1.7 million.
Almost all sectors saw increases in job openings once the final numbers from August were added. The Professional and Business Services industries added 509,000, a whopping turnaround from July when they lost nearly 200k jobs (-198,000). Job openings also increased in Finance and Insurance by 96,000 jobs, and State and Local Government Education increased by 76,000. The Transportation and Warehousing sectors were still appearing to reel after the shutdown of the Yellow company. The Information sector had one of the few decreases in job openings, losing 5,000 jobs.
September's Jobs Report
As stated above, Non-farm payrolls grew by 336,000 in September. Unemployment stayed the same at 3.8%, while the labor force participation rate also stayed the same at 62.8%.
Transportation and Warehousing jobs showed a small uptick in jobs, roughly 9,000, after the fiasco of the Yellow shutdown. Leisure and Hospitality added almost 100,000 jobs in September. Government (+73,000) and Healthcare (+41,000) also saw gains last month. With only 170,000 jobs expected to be added in September, the almost doubled numbers are causing some turmoil in the markets. Experts are now waiting to see what happens next.
The September Jobs Report and the August Job Opening and Turnover Survey reveal that the labor market is not making it easy for experts to make any predictions. Many economic strategists are begging the Federal Reserve to not raise interest rates again, but they are fearful that the Reserve will think it is necessary. On top of that, wages did not rise as much as expected, compounding everyone’s worries. The next few months will be watched closely to see what happens next.
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Meaghan Goldberg covers recruitment and digital marketing for Lionzone. A Patterson, GA native, after graduating from both Valdosta State University and Middle Tennessee State University, Meaghan joined Lionzone in 2018 as a digital recruitment strategist before becoming the social media manager.