Non Farm Job Creation Disappoints in September

Net job creation in September was 148,000 of which 122,000 was service providing and 22,000 goods producing. Of the service providing 22,000 was in government. Of the goods producing, 2,000 were in manufacturing and 20,000 in construction (Table 1). Expectations had been for a gain of 180,000. Digging into the September numbers reveals weak growth in private services, particularly healthcare which added only 14,000 jobs compared to its six-month average of 25,000. Leisure and hospitality declined 13,000, compared with a six-month average gain of 36,000. Since February 2010 which was the employment low point following the recession manufacturing has added 503,000 jobs and construction 304,000 (Figure 1). Primary metals had a string of 32 monthly gains after November 2009 but since August 2012 has lost 14,000 jobs.