Actalent Labor Market and Economy Report: A Look at Trends in September 2024

Executive Summary

Job Growth

The U.S. economy added 254,000 jobs in September. Notable job gains occurred in food services and drinking places (+69,400), health care (+45,200), government (+31,000), social assistance (+26,500) and construction (+25,000).

Other industries Actalent supports experienced the following job growth and loss last month: aerospace and defense (-2,900), architecture and engineering (+900), automotive (-6,500), manufacturing (-7,000), scientific research and development (+2,900), and utilities (+3,400).

Unemployment and Labor Force Participation

The unemployment rate decreased from 4.2% in August to 4.1% in September, declining for the second month in a row. The labor force participation remained unchanged for the third consecutive month at 62.7%.

Unemployment rates, specific to the industries Actalent supports, were as follows for September: hospitals (1.9%), utilities (1.5%), professional and technical services (3.4%), manufacturing (3.4%), and construction (3.6%). 

Among skilled labor categories Actalent sources talent for, unemployment in software-IT-mathematics was 3.1%; architecture and engineering was 1.8%; and sciences (life, physical and social) was 2.6%.

Inflation

The year-over-year inflation rate increased by 2.4% between September 2023 and September 2024.

Wage Growth

Average hourly earnings increased 4% between September 2023 and September 2024. "Real" average hourly earnings (wages adjusted for inflation) increased by 1.5% from September 2023 to September 2024. In other words, average hourly earnings are keeping up with inflation, although consumers may still be feeling the pressure of higher prices.