US Economy Adds 263,000 New Jobs in September as Labor Market Conditions Soften

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The U.S. economy added 263,000 new jobs in September, down from an upwardly revised print of 537,000 in August, according to the Bureau of Labor Statistics (BLS). The market had forecast 250,000 new jobs last month.

The unemployment rate fell to 3.5 percent, down from 3.7 percent in August. This came in line with economists’ expectations.

The labor force participation rate edged down to 62.3 percent. The average hourly earnings eased to 5 percent year-over-year, down from 5.2 percent. Average weekly hours were unchanged at 34.5.

The total nonfarm payroll report showed that most of the job gains were concentrated in leisure and hospitality (83,000) and healthcare (60,000). Employment also increased in professional and business services (46,000), manufacturing (22,000), construction (19,000), and wholesale trade (11,000).

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