In September, U.S. Job Market Shows Continuing Upward Trend
Measurements used to gauge the U.S. job market continue to show an optimistic outlook for growth, with September’s reports continuing the steady upward trajectory that has been seen throughout 2014.
According to U.S. News and World Report, the U.S. economy added approximately 248,000 jobs last month, making the unemployment rate fall to 5.9% — its lowest rate since July 2008, just over six years ago.
The job increase surpassed what many experts had predicted for the month; many economists had expected just 215,000 jobs to be added.
Another good sign? The number of jobless Americans, those who have been unemployed for 27 weeks or more, was at about three million in September — a reduction of 1.2 million over the last year, U.S. News and World Report reported.
The Conference Board Employment Trends Index (ETI), another measurement used to track the economy and job market, has also increased by 6.1% over the last year. The ETI tracks an aggregate of eight different labor statistics to create a more comprehensive view of the job market, an InsuranceNewsNet article reported.
Yet despite the wealth of good news that the month of September brought for the economy and the job market, other reports say the growth might not be as big as some measurements state it was last month. According to U.S. News and World Report, the Labor Market Conditions Index, a measuring scale that indicates its results based on change, rose by just 2.5 points last month. Hourly wages and the job participation rate continue to decline as well, indicating the quality of the jobs added to the market isn’t as high as one would expect.
Ultimately, there is no perfect way to monitor the U.S. job market — and while some measurement methods may indicate slow growth, that isn’t necessarily a bad thing, as slow, steady upward growth is key for healthy economic development.