These industries were bright spots in September’s jobs report
Despite hurricane damage, the Bureau of Labor Statistics reports that employment increased in health care, transportation, and warehousing last month—and that’s why we’re still smiling in September.
To say it’s been a rough month for the U.S. would be an understatement. While the nation has been plagued by hurricanes and other forms of destruction, the latest installment of the U.S. Bureau of Labor Statistics’ monthly jobs report is just another nail in the coffin. Guess it’s true what they say about misery loving company.
Employment declined by only 33,000 in September, and while this isn’t a good thing, there is a good reason for it. As the BLS expected, Hurricanes Harvey and Irma largely affected job growth, as about 6% of the businesses (and 11 million workers) it surveys are in the affected areas.
This damage from the hurricanes has left Wall Street scratching its head trying to discern what the rest of the year will look like, especially when predicting how the labor market fared last month, as estimates ranged as high as 260,000 and as low as 45,000. But we have hope.
One ray of sunshine is that average hourly earnings moved up by a whopping 12 cents, totaling $26.55.
And even though the report says employment declined, jobs were still created within a handful of industries, including health care, transportation, and warehousing. Even better: Our numbers indicate that many companies are ramping up hiring this month, per the latest edition of the Monster 100—our monthly roundup of the companies with the most new job listings on Monster.
According to the BLS, the health care sector added 23,000 jobs, in line with its average monthly gain over the past year, with the most job growth in ambulatory care. A mainstay-hiring sector on Monster, too, Christus Health and Kindred Healthcare cracked the top 10 on the Monster 100.
Transportation and warehousing saw job growth too, with employment increasing by 22,000. Within those 22,000 jobs, gains occurred in warehousing and storage (+5,000), couriers and messengers (+4,000), and air transportation (+3,000).
While UPS and Penske were both high performers on the Monster 100, you can chalk up much of this growth in transportation to seasonal hiring, as a bunch of companies have made huge hiring announcements for the holidays.
Business and professional services added 13,000 jobs in September, while employment in financial activities moved up by 10,000, especially in insurance due to hurricane-recovery efforts. On the Monster 100, you’ll find hundreds of jobs at Santander Bank and American Income Life.
One sector that underperformed was food services, with the report showing a steep decline of 105,000 jobs, as many workers were off payrolls due to the hurricanes. However, we’re already starting to see job creation pick up, with Trader Joe’s ramping up hiring on the Monster 100.
The jobs report showed that the unemployment rate dipped back down from 4.4% to 4.2%.
Also on the decline is July’s original job numbers, revised down to 138,000. However, August’s numbers were revised up to 169,000.
October’s jobs report comes out Friday, Nov. 3 at 8:30 a.m.