September 2019 Economic Report

The September 2019 Economic Report below was created just for you, employers. It is fueled by information from the U.S. Bureau of Labor and Statistics, U.S. Census Bureau, Yahoo Finance, and FedPrimeRate.com. At the end of the report, check out this month’s hiring tip!

Hiring tip: The labor market is intensely competitive right now. Here are some ways you can combat the skills gap to find and retain top talent:

• Recruit for all your positions year-round to keep your candidate pipeline filled.
• Be prepared to raise your compensation packages.
• Be willing to invest in tech training so employees can grow into and fill higher-skill positions.
• Look for soft skills, not just hard skills, in job seekers.
• Attract quality candidates with fair wages, good benefits, skillful management, and a good work culture.

Read more.

If you’re unable to view the September 2019 Economic Report, here’s a quick summary:

• The unemployment rate dropped by 0.2% to 3.5%. The rate has not been this low since December 1969.
• Total nonfarm payroll employment went up by 136,000. Job growth has averaged 161,000/month so far in 2019, compared with an average monthly gain of 223,000 in 2018.
• Health care added 39,000 jobs.
• Professional and business services added 34,000 jobs.
• The government added 22,000 jobs.
  
• Leisure and hospitality added 21,000 jobs.
• Transportation and warehousing added 16,000 jobs.
• Retail trade lost 11,000 jobs.
• Average hourly earnings for all employees on private nonfarm payrolls lowered by 1 cent to $28.09, after an 11-cent gain in August. Over the past 12 months, average hourly earnings have increased by 2.9%.
• U.S. job openings dropped to a rate of 4.5% in July, from 4.6% in June.
• Dow Jones rose by 2.8% during the month of September.
• Housing starts rose by 12.3% to 1.36 million in August.
• Consumer price index increased by 0.1%.
• Federal prime rate decreased 0.25% to 5%.
• Retail inventories increased by 0.8% in July to $667.1 billion.
• Manufacturing hours worked per week remained at 40.5 hours.
• Manufacturing new orders decreased by 0.08% in August to $499.8 billion.