The September employment report is out this morning, with the Bureau of Labor Statistics reporting that the economy created 156,000 jobs in the month. Private-sector payrolls added 167,00 jobs, while government payrolls fell by 11,000. The unemployment rate ticked up to 5.0 percent from 4.9 percent.
That makes September a slow month, but not really out of line with what we've seen this year. Thus far this year, job growth has averaged 178,000 per month. That compares with an average of 229,000 per month in 2015.
The strongest sector was professional and business services employment, which rose by 67,000 in September and has risen by 582,000 over the year. Health care added 33,000 jobs in September and has added 445,000 jobs over the past 12 months.
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