​NAFCU Research: Payroll Gains Misses 200,000 mark for the First Time this Year

WASHINGTON, DC – The National Association of Federally-Insured Credit Unions (NAFCU) Chief Economist and Vice President of Research Curt Long issued the following statement after the Bureau of Labor Statistics released the September Jobs Report:

“Payroll gains disappointed in September, failing to hit the 200,000 mark for the first time in the calendar year,” said NAFCU Chief Economist and Vice President of Research Curt Long. “However, there were positive signs buried below the headline number. Much of the weakness was concentrated in local education, which is likely due to faulty seasonal adjustments."

Meanwhile, restaurant and retail employment picked up at a time when COVID cases were cresting, which bodes well for the October report.

As compared to August, job gains in September were skewed toward full-time work, and average hours worked per employee picked up. Wage growth accelerated to 4.6 percent versus the prior year, which should help blunt the impact of strong inflation.

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