US Nonfarm Payroll Increases by 263,000 in September; Unemployment Falls to 3.5%

Posted on October 7, 2022

The US Bureau of Labor Statistics (BLS) reported today (10-7-22) that total nonfarm payroll employment increased by 263,000 in September, the lowest monthly gain in the past 17 months. Monthly job growth has averaged 420,000 thus far in 2022, compared to 562,000 per month in 2021.

The BLS is reporting that job growth was widespread in September, with notable growth in the following areas:

  • Leisure and hospitality added 83,000 new jobs
  • Health care added 60,000 new jobs
  • Professional and business services added 46,000 new jobs
  • Manufacturing added 22,000 new jobs
  • Construction added 19,000 new jobs
  • Wholesale trade added 11,000 new jobs

Employment was little changed in mining, retail trade, information, other services, and government, while small declines were posted in financial activities, as well as transportation and warehousing.

The unemployment rate decreased by 0.2% to 3.5%, returning to its July level. The number of unemployed persons edged lower to 5.8 million.

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