The US Bureau of Labor Statistics Friday morning released the September 2015 Current Employment Statistics data on U.S. employment. The nation gained 142,000 jobs in September 2015, way below expectations of 203,000 jobs with stagnating wage growth.
The data caused further grief when data not seasonally adjusted for previous months was reduced by 57,000 jobs nationwide. The year-over-year job growth rate over a three-month period shows a slowing, a trend line to watch that could be temporary or portend further problems.
Sources pointed to the job growth rates in September [1.94%, August [2.04%] and July [2.18%] to spot the trend. Manufacturing and mining jobs lost a combined total of 21,000 jobs, with 43 percent of those losses dedicated to manufacturing.
The Ohio Surprise
Meanwhile, Ohio’s job growth in August of 1.12 percent was about 45 percent lower than the revised 2.04 percent which factored in the 57,000 jobs from revisions to totals for prior months.
“It would be a surprise if Ohio’s August 2015 job growth figure does not get a downward revision as well when the Ohio data are available on October 16,” said Ohio’s eminent economic research analysts, George Zeller. Jobs number crunchers, like Mr. Zeller, will have to wait until October 16 to plow through the data.
Mr. Zeller said the jobs data raises the stakes for Ohio when the next data dump takes place in two weeks. “As usual. It will be very difficult for Ohio to increase its job growth rate from 1.12% in August to 1.94% in September, so that Ohio does not extend its streak of sub-par job growth rate below the USA national average to 35 consecutive months,” he said via email.
The national unemployment rate was 5.1 percent in both August 2015 and September 2015, Zeller notes. The main cause of the stability, he said, “was yet another 350,000 decline in the USA labor force.” As it’s done before, the labor force participation rate fell from 62.6 percent in August to 62.4 percent in September. Experts attributed a large portion of the recent decline in the participation rate is due to demographics.