September jobs report: Which industries hired the most workers?
Slatestone Wealth chief market strategist Kenny Polcari reacts to Bidens acting labor secretarys commentary on the jobs report and future Fed rate cuts.
Job growth accelerated in September at a faster rate than economists expected, buoyed by particularly strong growth in the food and beverage industry as well as health care and government.
Employers added 254,000 jobs in September, the Labor Department said in its monthly payroll report released Friday. That was well above the 140,000 gain forecast by LSEG economists, while the unemployment rate ticked lower to 4.1%.
Hiring ramped up at food and drinking establishments to 69,000 in September – well above the average monthly gain of 14,000 over the past 12 months. The food and beverage industry was the primary source of the leisure and hospitality industry's gain of 78,000 jobs.
The health care industry added about 45,000 jobs in September, though that represented a slow-down compared to the average monthly gain of 57,000 in the last year. Those gains were concentrated in home health care services (+12,700), hospitals (+11,500) and nursing and residential care facilities (+9,400).
US ECONOMY ADDED 254K JOBS IN SEPTEMBER, WELL ABOVE EXPECTATIONS
The leisure and hospitality added the most jobs in September, led by hiring at food and drinking establishments. (Photographer: Elijah Nouvelage/Bloomberg via Getty Images / Getty Images)
Hiring in the government sector rose again in September with a gain of 31,000 – though it was at a slower pace than the average of 45,000 a month in the past year. The sector's gains last month were primarily among local government (+16,000) and state government (+13,000).
The social assistance industry added 26,500 jobs last month, most of
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