Payroll Growth Continues, Labor Market Remains Solid

U.S. nonfarm payrolls added 263,000 jobs in September, less than the 315,000 gain in August. The average monthly gain over the last 21 months (since January 2021) was 501,000. Private payrolls posted a 288,000 gain in September versus a 275,000 gain in August (revised down by 33,000 while July was revised down by 29,000 to a gain of 448,000). The average monthly gain over the 21 months since January 2021 was 473,000. However, the monthly gains appear to be slowing. Over the 13 months from January 2021 through February 2022, the average monthly gain was 544,000; for the five months from March 2022 through July 2022, the average was 376,000; and over the last two months, the average has dropped to 282,000 (see first chart).

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