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Economic Report 10.08.19

KEY MARKET INDICATORS as of Oct 07, 2019

September Job Market Report

The U.S. job market continued to show slower growth in September, adding 136,000 jobs. For the year to date, the U.S. economy has added an average of 161,000 jobs a month, the slowest pace of growth since 2016. The job market continued to be tight, with the unemployment rate at 3.5%, which is the lowest level since December 1969. The tight job market has increased pressure on wages in the past year, but wage growth eased slightly in September to 2.9% y/y growth. In the past 12 months, production workers have seen faster wage growth than the overall job market. In September, wages for production workers grew by 3.5%.

Job growth in September was led by education and health (+40,000), leisure and hospitality (+21,000), and professional and business services (+34,000). Two sectors – retail and manufacturing – reported fewer jobs in September. Construction added 7,000 jobs in September, but remains one of the fastest growing sectors. Over the last 12 months, construction jobs grew by over 2%, exceeding the 1.4% growth in the overall job market.

Employment growth in the 25-44 age group remains strong at 1.9%, providing support for the first-time homebuyer market.

 

Tian Liu, Genworth Mortgage Insurance Chief Economist
tian.liu@genworth.com
919 807.9584

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Disclaimer: Opinions, estimates and projections in this report constitute the current judgment of the author as of the date of this report. They do not necessarily reflect the opinions of Genworth Mortgage Insurance and are subject to change without notice. Genworth Mortgage Insurance has no obligation to provide revised assessments and assumes no duty to update information in the event of changed circumstances. While we have gathered this information from sources believed to be reliable, Genworth Mortgage Insurance cannot guarantee the accuracy of the information provided. Certain data discussed in this report is publicly available only on a time delayed basis. Genworth Mortgage Insurance strives to analyze data as it becomes available, but makes no representation that all data is reviewed immediately upon release.

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