The U.S. September Non-Farm Payrolls Accelerate Growth but Unemployment Rate Rises, Labor Market Still Showing Signs of Weakness

November 20th. In the United States, the growth of non-farm payrolls accelerated in September. However, the unemployment rate rose to 4.4%, and the employment data of the previous month was revised down to a negative value, suggesting that the labor market remains weak. The U.S. Bureau of Labor Statistics stated on Thursday that after being revised down by 4,000 in August, non-farm payrolls increased by 119,000 in September. Economists surveyed by Reuters had previously predicted an increase of 50,000 jobs in September following an initial increase of 22,000 jobs in August. Economists estimate that the economy currently only needs to create 30,000 to 50,000 jobs per month to accommodate the growth of the working-age population, which is far below the required level of about 150,000 by 2024. The unemployment rate rose from 4.3% in August to 4.4%. The increasingly widespread use of artificial intelligence is also eroding labor demand. Entry-level positions are experiencing the greatest impact, leaving recent college graduates struggling to find jobs. Economists point out that artificial intelligence is driving jobless economic growth. Some also believe that the trade policies of the Trump administration have created an uncertain economic environment, weakening the hiring capabilities of businesses, especially small enterprises. (Jinshi)