New jobs blow away experts’ forecasts

SAN FRANCISCO – Though the vast majority of economists and analysts saw the U.S. gaining about 144,000 new jobs in September, the actual number blew those estimates away at 254,000. 

The biggest job gains came in three areas: restaurants and bars, healthcare, government, and social assistance, all of which heavily depend on government spending, and in construction, mostly private jobs. 

“It was a strong one. It basically shows the economy, at least through September, is holding firm,’ said former EDD Director Michael Bernick.

The U.S. unemployment rate is 4.1, still a historically low percentage of jobless folks.  

However, California’s unemployment rate is 5.3%, still relatively low, but continues to be, for months now, either the highest or second-highest state unemployment rate in the nation.

That’s why California’s new unemployment claims are 20% of all U.S. unemployment. 

“Far higher than the percentage of the workforce we have nationally,” said Bernick.

The number of job openings was also expected to decrease but actually increased slightly to over 8 million available jobs. 

Though the dockworker’s suspended strike and Boeing’s ongoing strike complicate matters for October, those workers account for 78,000 jobs.

But the total number of U.S. payroll jobs is 160 million. 

“In terms of the national rate, the national payroll jobs, relatively limited,” he said.

Since Amazon says it’s hiring 250,000 temporary workers for holidays and other retailers and shippers are hiring at a slower rate, U.S. unemployment should remain very low despite major events including the aftermath of Hurricane Helene. 

“And so, I would see, until the end of the year, this continuation of low unemployment and these job gains in the range of 200,000,” said Bernick.