The U.S. added 661,000 nonfarm jobs in September, according to the latest information released by the Department of Labor. The unemployment rate dropped half a percentage point to 7.9 percent as the count of unemployed workers fell by 1 million to 12.6 million. The report, released by the Bureau of Labor Statistics, shows an overall decrease in hiring from August, when the economy added 1.4 million jobs.
In manufacturing, overall hiring improved from August. The Bureau reported that the manufacturing industry added 66,000 jobs in September—more than twice the 29,000 new jobs added in August and an improvement on 41,000 in July.
Roughly two-thirds of the returning manufacturing jobs were in durable goods, especially in the motor vehicles and parts sector and machinery. Each added about 14,000 jobs.
The number of jobs that have returned, in manufacturing and in the economy at large, is still dwarfed by the number of jobs lost amid the coronavirus pandemic. Using the data released for September, the manufacturing sector is still 647,000 jobs shy of where it was in February before losing 46,000 jobs in March and 1.3 million in April.
May and June both saw six-digit gains of 240,000 and 357,000 new manufacturing jobs, respectively. Industrial employment fell to five-digit growth in July, where it currently remains despite September’s gains. All told, the overall economy and the manufacturing sector are only about halfway to replenishing all the jobs lost during the first months of the pandemic.
Source: Industry Week