The economy added 156,000 jobs in September while the unemployment rate ticked up very slightly to 5 percent, according to the latest data from the Bureau of Labor Statistics. Analysts had expected 175,000 jobs to be added. The increase in the unemployment rate was due to 444,000 more people deciding to enter the labor force and look for work — a positive outcome.
September job gains were highest in professional and business services (67,000), health care (33,000), food and drinking places (30,000), and retail (22,000). Those four sectors have added a significant number of jobs over the last year.
The economy has so far added an average of 178,000 jobs a month this year, with an average of 192,000 a month over the last three months. Last year was much stronger, adding an average of 229,000 each month. Revisions to past reports meant that there were 7,000 fewer jobs added than previously thought in July and August.
Wages rose 0.2 percent from August and have risen 2.6 percent over the last year, slightly higher growth than was reported in August but still relatively sluggish growth.