The September 2022 Jobs Report: What is the Current U.S. Employment Situation?

The U.S. Department of Labor September 2022 jobs report is out, and while the numbers show continued growth, they could have negative implications for the future. Total nonfarm employment increased by 263,000 in September and the unemployment rate fell .2 percentage points to 3.5%. Many economists were hoping for smaller growth in September, however, as it would convince the Fed to ease tightening measures in its effort to combat inflation. That doesn’t seem to be the case, and stocks saw a dip Friday morning because of it. Additionally, a separate report from the BLS released Tuesday said job openings fell by 1.1 million in August, the largest drop since the spring of 2020.

Additional noteworthy statistics:

• The number of unemployed persons edged down to 5.8 million in September
• The labor force participation rate remained at 62.3%, down 1.1% from February 2020, before the pandemic
• In a special note, the BLS said Hurricane Ian in Florida did not affect the results of this month’s report

Among the top industries hiring in September are the leisure and hospitality and healthcare industries. Many industries have seen no growth over the past two months, though the transportation and warehousing and financial activities sectors both saw decreases in jobs in September.

September’s numbers may have economists worried, but the job market is still going strong. Whether you’re a job seeker or employer, iHire’s platform is built to help you succeed.