Labor Market and Economy Report: A Look at Trends in September 2024

Executive Summary

Job Growth

In September, 254,000 new jobs were added to the U.S. economy, with employment gains primarily focused in food services and drinking places (+69,400), healthcare (+45,200), government (+31,000), social assistance (+26,500) and construction (+25,000) industries.

Several other industries that Aston Carter supports saw little change over the month, including financial activities; professional and business services; transportation and warehousing; and information. Job growth edged slightly upward in utilities (+3,400) while job loss was noted in automotive (-6,500), aerospace and defense (-2,900) and manufacturing (-7,000).

Unemployment and Labor Force Participation

The unemployment rate declined slightly from the previous month, decreasing from 4.2% in August to 4.1% in September — a downward trend noted for the second month in a row. The labor force participation remained unchanged at 62.7% for the third consecutive month. The percentage of the population working or looking for work remained essentially unchanged.

Unemployment rates, specific to the industries Aston Carter supports, were as follows for September: finance and insurance (3.1%), professional and business services (4%), manufacturing (3.4%), construction (3.6%), hospitals (1.9%) and utilities (1.5%).

Among skilled labor categories Aston Carter sources talent for, unemployment in business and financial was 3.3% and office and administrative was 3.7%.

Inflation

The year-over-year inflation rate increased by 2.4% between September 2023 and September 2024.

Wage Growth

Average hourly earnings increased 4% for the 12 months ending in September. “Real" average hourly earnings (wages adjusted for inflation) increased by 1.5% from September 2023 to September 2024, a sign that average hourly earnings are keeping pace with inflation, although the pressure of higher prices still may be felt by consumers.