The Bureau of Labor Statistics
reported Friday that 142,000 new jobs were created in September, 118,000 in the private sector and 24,000 in the public sector. Far below the expert consensus that the report would show 215,000 new jobs had been created. The gain nevertheless made September the 67th straight month that new private jobs have been added to the U.S. economy and the 60th month that public jobs have been added.
As noted previously by many analysts, August is the month in which the Bureau of Labor Statistics' first report on jobs is most likely to be heavily revised. But the expert consensus held August would be revised upward and it went the other way. Originally the bureau reported the August gain at 173,000 jobs. It revised that number Friday to 136,000 and revised its calculations for July from 245,000 to 223,000.
The civilian workforce fell 350,000, after having fallen 41,000 in August. The employment-population ratio fell to 59.2 percent, and the labor force participation rate fell to 62.4 percent.
One of the continuing problems in the economy if you're a worker is the lack of solid growth in wages. September didn't change that. Wages for all employees on private nonfarm payrolls fell by a cent. Wages for private-sector production and nonsupervisory employees were unchanged.
The official unemployment rate, which in BLS jargon is labeled U3, came in at 5.1 percent again. Another measure—known as U6—which estimates both unemployment and underemployment—includes people with no job at all, part-time workers who want a full-time job but can't find one, and many "discouraged" workers. U6 fell in September by 0.3 percent to 10.0 percent. The number of people officially unemployed fell slightly to 7.9 million.
The BLS notes that its "confidence level" is plus or minus 105,000. That means the "real" number of new jobs created in September was not 142,000 but rather fell in a range between 37,000 and 247,000.
The BLS also measures the job situation each month for Americans aged 25-54, people in their "prime working years." The employment-population ratio for that group reached a high point of 81.9 percent in April 2000. In December 2007, that ratio had fallen to 79.7 percent, hitting bottom at 74.8 percent in November 2010. Since then, the rate has been slowly rising. In September, however, it remained at 77.2 percent, its average for all nine months of 2015.
For more details about today's jobs report, please continue reading below the fold.