September Jobs Report: 142,000 New Jobs, Wages Up 2.2 Percent

The latest jobs numbers are out from the federal government. What do they mean for job seekers and employers? Here’s a quick take from Glassdoor’s Chief Economist Dr. Andrew Chamberlain: Today’s jobs report revealed a mild slowdown in the U.S. labor market, with a lower-than-expected 142,000 new jobs and a steady unemployment rate of 5.1 percent. Despite steady growth in recent years, today’s report shows the U.S. labor market may be feeling the effects of the recent slowing economies in Europe and China, and offers little reassurance to Fed policy makers considering an interest rate hike in December. Last week we predicted a slight pick up in wage growth, as growing competition for tech and professional services workers starts showing up in average earnings figures. Today’s report shows wage growth remains elusive for most workers, with average hourly earnings up just 2.2 percent from one year ago--dramatically below the 3-4 percent wage growth of normal times. Despite weaker-than-expected job growth, workers today remain in an historic period of stability and job creation. September marks 60 consecutive months of positive job growth, the longest streak since the late 1930s. Job seekers should be making the most of today’s historically healthy job market. To speak with Dr. Andrew Chamberlain about today’s jobs report or to discuss labor market trends, contact pr at Glassdoor dot com. For the latest economics and labor market updates, follow @adchamberlain on Twitter.