Staff Writer

October 4, 2024

According to the latest Bureau of Labor Statistics (BLS) report, the economy added 254,000 jobs in September, significantly outpacing economists’ expectations. The unemployment rate dropped to 4.1%, down 0.1 percentage point from August, while the labor force participation rate held steady at 62.7% for the third consecutive month.

Several key sectors showed notable growth, underscoring overall economic health. Food services and drinking places led with 69,000 new jobs, far exceeding the 12-month average of 14,000. Healthcare added 45,000 positions, driven by gains in home healthcare, hospitals, and nursing facilities. Additionally, construction grew by 25,000 jobs, surpassing its 19,000 average. Government employment rose by 31,000 due to state and local hiring, and social assistance increased by 27,000, mainly in individual and family services.

September’s impressive payroll gains provide further evidence that a recession is unlikely and suggest a soft economic landing is within reach for the Federal Reserve.

State and local data will be released by the Pennsylvania Department of Labor and Industry (L&I) in the coming weeks.