WASHINGTON,
DC – Jason Furman, Chairman of the Council of Economic Advisers, issued
the following statement today on the employment situation in September.
Summary: The economy added 156,000 jobs in September, as labor force participation rose and wages continued to grow.
The
economy added 156,000 jobs in September, as the unemployment rate
ticked up amid rising labor force participation. U.S. businesses have
now added 15.3 million jobs since early 2010, and the longest streak of
total job growth on record continued in September. So far in 2016,
hourly earnings for private-sector workers have increased at an annual
rate of 2.8 percent, much faster than the pace of inflation. In fact,
real wages have grown faster over the current business cycle than in any
since the early 1970s. Sustained real wage growth in recent years,
combined with continued strength in job creation, has led to increased
incomes for middle-class families: last month, the Census Bureau reported
that real median household income increased 5.2 percent from 2014 to
2015, the fastest annual growth on record. Still, more work remains to
sustain faster wage growth and to ensure that the benefits of the
recovery are broadly shared, including increasing investment in infrastructure and implementing the high-standards Trans-Pacific Partnership. Additionally, as discussed in a new White House report,
Congress should follow the lead of 18 States and the District of
Columbia to give millions of American workers a raise by increasing the
Federal minimum wage.
FIVE KEY POINTS ON THE LABOR MARKET IN SEPTEMBER 2016
1. U.S. businesses have now added 15.3 million jobs since private-sector job growth turned positive in early 2010. Today, we learned that private employment rose by 167,000 jobs in September. Total
nonfarm employment rose by 156,000 jobs, slightly below the monthly
average for 2016 so far but substantially higher than the pace of about
80,000 jobs per month that CEA estimates is necessary to maintain a low
and stable unemployment rate given the impact of demographic trends on
labor force participation. The
unemployment rate ticked up to 5.0 percent in September, while the
labor force participation rate rose to 62.9 percent, the same rate as in
the fourth quarter of 2013 despite downward pressure on participation
from demographic trends. The share of the labor force working part-time
for economic reasons (those working part-time but who would prefer
full-time employment) ticked down in September to 3.7 percent, though it
remains above its pre-recession average (3.0 percent).
The complete statement is available here.
Source: The White House, Office of the Press Secretary
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