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Unemployment rate ticks down as US adds 263K jobs

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Posted at 6:48 AM, Oct 07, 2022

The U.S. unemployment rate dropped to 3.5% as the U.S. added 263,000 jobs in September compared to August, new data from the Bureau of Labor Statistics show.

The 3.5% unemployment rate is equal to the lowest rate in recent years.

The unemployment rate has gotten as low as 3.5% several times in the last few years but has not been below 3.5% since 1953.

The unemployment rate was 3.7% in August.

The data also shows that the average wage increased by 10¢ to $32.46 an hour.

With the Consumer Price Index at 8.3%, wages have not kept up with inflation in the last year.

Several industries saw gains in their workforce, most notably the leisure and hospitality industry added 83,000 jobs.

The industry still has 1.1 million fewer workers than before the pandemic.

The healthcare industry gained 60,000 workers, putting it back at pre-pandemic levels.

Despite more people being employed, the number of people participating in the US workforce declined by 57,000 last month.

The workforce size combines those employed and those unemployed who are seeking work.

A large portion of that drop can be attributed to teenagers leaving the workforce, but the number of women over 20 in the workforce also declined.

The smaller talent pool creates continued opportunities for people looking to switch jobs or reenter the market.

“This is a time in your life where you actually want to be the most confident you’ve ever been,” said Kathleen Cameron, CEO and founder of Diamond Academy Coaching. “You need to see all of those possibilities available.”