Jobs growth cooled in September

U.S. employers added 263,000 jobs in September, down from the summer months and below the average monthly increase of 420,000 so far in 2022, according to data from the Bureau of Labor Statistics (BLS), released today. The unemployment rate edged down from 3.7% in August to 3.5%, back to its July level, according to the report.

The government data showed notable gains in leisure/hospitality and health care, which added 83,000 jobs and 60,000 jobs, respectively. Results were less robust in the supply chain. Warehousing and transportation was little changed in September–down about 8,000 jobs, primarily due to cuts on the transportation side. A loss of 11,000 jobs in truck transportation was partially offset by a gain of 3,000 in air transportation, according to the report.

Retail employment was little changed compared to August–down1,100 jobs–while manufacturing and wholesale trade trended up. Manufacturing added 22,000 jobs in September, and wholesale distribution was up 11,000 jobs. Wholesale trade has added an average 18,000 jobs per month so far in 2022, according to the report.