Thread by @nick_bunker

Payrolls up 661k, U3 down to 7.9%

People on temporary layoff down by 1.5 million to 4.6 million, permanent job loss unemployment up by 345k to 3.8 million

Unemployment may have dropped, but not for the good reasons!

LFPR down by 0.3 points, EPOP essentially flat

Some of the slowdown in payrolls was from decline in government employment.

But private sector payrolls slowed as well. Down to 877k added in Sept from 1.02 million in August

The reverse radical recovery continues.

The hit to payrolls is still larger than the worst of the Great Recession, when they were 6% below pre-recession levels.

Prime-age employment rate declined in September. Another sign that while the unemployment rate dropped the rate of getting a job slowed.

Another fall in the LFPR for prime-age women!

More permanent forms of jobless ticked up in September.

Employment in leisure & hospitality is still 23% below pre-pandemic levels.

The hit to employment remains largest in low average-wage industries . . .

And progress is slowing across all wage tiers

Unemployment declined, but more and more of the unemployed people are there for longer.

Employment rates still depressed across race & gender

Industries that rely on large crowds are, unsurprisingly, feeling the worst pain when it comes to employment.

Not only did the pace of job gains slow down, but job loss rose as well. Not great!

The massive churn in the labor market continues

This report is massively concerning. We are not where we need to be, nor are we moving fast enough in the right direction as we head into fall.

Full commentary here: hiringlab.org/2020/10/02/sep…