One chart shows where the jobs will be in September 2024.

One chart shows where the jobs will be in September 2024.
One chart shows where the jobs will be in September 2024.

The economy exhibited robust growth in September, as evidenced by the strong jobs report, which revealed that growth was driven by various sectors.

The largest job growth in the month came from leisure and hospitality, with 78,000 new positions, and health care and social assistance, at 71,700. If private education were included in the health care group, as some economists suggest, that category would have been the fastest-growing sector of the month.

The hospitality, food services, and drinking places sector experienced a significant increase of 69,000 jobs in a single month, which is significantly higher than the average monthly gain of 14,000 over the past year, as per the Bureau of Labor Statistics.

The construction and government sectors experienced growth, adding 31,000 and 25,000 jobs respectively. Notably, the professional and business services category saw a 17,000 job increase, a significant shift from recent job losses.

Jeffrey Roach, the chief economist of LPL Financial, stated in a note to clients that the report revealed "fairly broad-based" job growth. However, he also pointed out that the percentage of workers holding multiple jobs increased by 5.3%.

The report's solidity increases the likelihood that the economy will surpass the trend in the next quarter, but the only warning sign is the increase in those with multiple jobs, according to Roach.

Last month, manufacturing and transportation and warehousing were the two key areas that experienced job losses, with each category shrinking by less than 10,000 jobs.

by Jesse Pound

Markets