The jobs report for September revealed a surprisingly robust performance, indicating growth across various sectors of the economy.
The leisure and hospitality sectors led the way, contributing 78,000 new positions, followed closely by health and social assistance, which added 71,700 jobs. If private education were to be included with healthcare, as some economists suggest, this sector would have emerged as the top growth area for this month.
Within the hospitality, food services, and restaurant industries, there were 69,000 new jobs created. This marked a substantial increase when compared to the yearly average of just 14,000 jobs added monthly, as stated by the Bureau of Labor Statistics.
The government and construction sectors also fared well, contributing 31,000 and 25,000 jobs, respectively. Meanwhile, professional and business services saw an addition of 17,000 jobs, which is noteworthy considering the category had experienced declines in recent months.
Jeffrey Roach, chief economist at LPL Financial, noted in a communication with clients that the report reflects a “fairly broad-based” job expansion; however, he pointed out that 5.3% of individuals are working multiple jobs, a figure that has been on the rise.
Roach remarked, “This positive report enhances the chances that the economy will maintain growth above the trend in the impending quarters. The only cautionary detail is the increasing number of workers juggling multiple jobs,” he stated.
The sectors experiencing job declines last month included manufacturing, transportation, and warehousing, with each losing fewer than 10,000 jobs.
