Jobs added and wage increases fell gradually month-over-month in September, indicating a cooling labor market amid high inflation and interest rate increases by the Fed.
Employers added 263,000 jobs in September, down from 315,000 jobs added in August, and wages increased by 5%, down from 5.2% the previous month.
Leisure and hospitality added 83,000 jobs in September, followed by health care (+60,000), professional and business services (+46,000), manufacturing (+22,000), and construction (+19,000).
The number of job openings plunged by 1.1 million in August, the second largest monthly decline since DOL began collecting such data in 2000, as employers trimmed hiring plans. Openings likely fell again in September in the face of slowing economic conditions.
But the number of quits increased and remain near record highs, continuing to challenge employers to retain key employees. The number of job openings – 10.1 million – is still far above the 6 million individuals looking for work.