Another solid employment report: U.S. economy added 248,000 jobs in August, unemployment drops below 6 percent

From the BLS:

Total nonfarm payroll employment increased by 248,000 in September, and the unemployment rate declined to 5.9 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services, retail trade, and health care. […]

Household Survey Data
In September, the unemployment rate declined by 0.2 percentage point to 5.9 percent. The number of unemployed persons decreased by 329,000 to 9.3 million. Over the year, the unemployment rate and the number of unemployed persons were down by 1.3 percentage points and 1.9 million, respectively. […]

Establishment Survey Data
Total nonfarm payroll employment rose by 248,000 in September, compared with an average monthly gain of 213,000 over the prior 12 months. In September, job growth occurred in professional and business services, retail trade, and health care.

The establishment surveys for July and August were also revised upward — netting an additional 69,000 jobs not previously reported.

From Calculated Risk:


This year — 2014 — will almost certainly be the strongest year for private sector job growth since Bill Clinton was president.

The workforce participation rate was down slightly from the previous month, but much of that change in recent years has been due to the aging of the adult population as the baby boomers head into retirement. The employment-population ratio has been 59.0 percent for the last several months — up slightly from a year ago.