Inflation Ticks Back Up
Real GDP up 4.9% in Third Quarter

Strong Jobs Growth in September

Total nonfarm employment grew by 336,000 jobs in September, according to the latest jobs report from the Bureau of Labor Statistics.  The big jump in employment  held keep the unemployment rate near historic lows, at just 3.8 percent.  The graph below shows total nonfarm employment in the U.S. since the beginning of 2012.


The graph makes it clear the the U.S. economy is back at (or very near) the trend line from before COVID-19 hit the economy.

This Wall Street Journal article includes a nice graphic (pasted below) that dissects the jobs growth into four major sectors: goods (manufacturing), government, leisure and hospitality, and other services.

As the graphic makes clear, most U.S. jobs growth comes in service-sectors, rather than goods-producing.  Manufacturing gets a lot of attention in the media and from politicians, but service jobs are really driving U.S. employment.