Everything You Need to Know About the September Jobs Report

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At the same time the unemployment rate came in at 3.7%, down significantly from August.

Healthcare employment rose by 26,000 in September.

Why? The short answer: The economy is good.

The unemployment rate for September 2017 was 4.2 percent.

Ahead of the report, Spencer Hill, an economist at Goldman Sachs, said that Hurricane Florence, which impacted the Carolinas in mid-September, were likely to weigh on Friday's headline job gains, and a 17,000 job drop in the leisure & hospitality industry shows signs of an impact from the storm. Data for July was revised to show the trade deficit rising to US$50.0 billion, instead of the previously reported US$50.1 billion. In 2018 so far, manufacturing has added 278,000 jobs.

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Here's what else you should know about the latest jobs report.

Unemployment dropped near these levels more recently at the end of the 1990s tech boom. Transportation orders fell 3.6 percent in July. "We'll see in earnings season how much of an impact it will have on profit markets as labor is a business's biggest cost".

"Today's results are still consistent with a strong USA economy and gradually accelerating inflationary pressures", he said. Those numbers are not adjusted for inflation, which has been eating into wage gains over the past several months as the Federal Reserve has hiked interest rates in response to a strengthening economy.

Manufacturing, which accounts for about 12 percent of the USA economy, is being supported by robust domestic demand, but momentum is expected to gradually slow amid worker shortages, an increasingly bitter trade war between the United States and China, a strong dollar and moderating global growth.

The average workweek for all private employees was unchanged at 34.5 hours.

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That means there are still a lot of people sitting on the sidelines.

Amy Glaser, a senior vice president at staffing agency Adecco, told The New York Times after Friday's jobs report release that some seasonal employers are moving up their hiring timelines, easing job requirements and giving workers more flexibility over schedules to attract more applicants.

One positive note: "It seems it's easier to find a job once you've decided that that is an option that is on the table", Zip Recruiter chief economist Cathy Barrera said. Most of the new entrants to the labor force are young and are just high school graduates. It showed 299,000 people reported staying at home last month because of bad weather, compared to an average of 85,000 for a normal September. Pointing to the economy's health, the Fed last week raised its benchmark short-term rate and predicted that it would continue to tighten credit into 2020 to manage growth and inflation.

"It's perfectly reasonable for the market to take a pause, particularly when we've had such a strong run", he said.

Another number that provides some insight is weekly wages.

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"It's still relatively slow, but it's building", Chamberlain says, expressing confidence that the Labor Department's hourly earnings measure will break the 3 percent threshold soon.