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Employment Situation in the US – September 2024

In September 2024, the U.S. job market saw growth with 254,000 new nonfarm payroll jobs,
a strong improvement compared to the 203,000 average monthly gain over the past year. The
unemployment rate remained relatively unchanged at 4.1%, slightly higher than last year’s
3.8%.

Job growth by Industry

Here’s a snapshot of the industries driving job growth in September 2024

Labour Market Dynamics

Unemployed Individuals:

6.8 million people were unemployed, a small increase from last year (6.3 million).

Unemployment by Group:

Labor Force Participation Rate: Held steady at 62.7%.

Long-Term Unemployment: 1.6 million people have been unemployed for over 27 weeks,
up from 1.3 million a year ago.

Wages & Hours

Average Hourly Earnings:

$35.36

Up 0.4% in September

Over the past year, wages increased by 4.0%.
Average Workweek:
Reduced slightly to 34.2 hours.
Job Revisions: Employment data for July and August was revised upwards, adding 72,000
more jobs than initially reported.

U.S. Weekly Earnings – Q3 2024 Overview

In the third quarter of 2024, median weekly earnings for full-time wage and salary workers in
the U.S. rose to $1,165, reflecting a 4.2% increase from the same period last year. This
outpaced inflation, as the Consumer Price Index (CPI-U) grew by only 2.6% during the same
time.

Educational Impact on the job market:

Workers without a high school diploma earned $734 weekly, while those with at least a
bachelor’s degree earned $1,697. Advanced degree holders were among the highest earners,
with top male workers earning over $5,054 per week and their female counterparts earning
over $3,582.

Disclaimer: The employment data presented in this summary is sourced directly from the U.S. Bureau of Labor Statistics (BLS) Employment Situation Report for September 2024, released on October 4, 2024. The information
is based on official BLS surveys and is publicly available for analysis and reporting. All statistics and figures are
accurate as per the latest BLS release, but subsequent revisions or updates may affect some numbers.
For more detailed information, please refer to the official BLS website: www.bls.gov.