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Economy Overview

United States

Report | United States Employment Update - September 2014

Summary

​After months of job creation greater than 200,000, August posted the slowest addition in eight months as sectors across the board registered a summer slowdown of sorts. While this looks discouraging, improved consumer confidence, job openings that match pre-recession peaks, slowly-but-surely growing quits and a host of other indicators are all pointing in an upward direction, signaling that this is likely an aberration rather than a new normal. Unemployment decreased to 6.1 percent as the labor force participation rate fell yet again, this time to 62.8 percent. Whereas retail trade and education, usually important drivers of the national economy, witnessed contractions over the month, construction in particular added a strong 20,000 jobs, fitting with improvements in the housing and development markets. Texas and the Sunbelt continue to be the fastest-growing labor markets, although geographies across the United States are beginning to catch up with more sustained growth of 2.0 percent or greater year-on-year. Comparatively, slow-growth markets remain concentrated in the Northeast, Mid-Atlantic and Midwest.

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