According to the National Association of Manufacturers’ (NAM) Monday Economic Report for this week, nonfarm payroll employment rose by 336,000 in September, well above the consensus estimate of 170,000 and the best reading since January. The U.S. economy has added 2,339,000 workers through the first nine months of 2023. The labor force participation rate was unchanged at 62.8% in September, remaining the strongest reading since February 2020. The unemployment rate was unchanged at 3.8% in September, with the number of unemployed Americans little changed from 6,355,000 to 6,360,000.  

Manufacturing employment rose by 17,000 in September, extending the gain of 11,000 in August and the fastest monthly increase since October 2022. For the first three quarters, manufacturing added only 37,000 workers. 

In September, the largest increases in manufacturing employment occurred in transportation equipment (up 10,300, including 8,900 for motor vehicles and parts), plastics and rubber products (up 4,500), chemicals (up 2,600), food manufacturing (up 1,900) and paper and paper products (up 1,600).  

In contrast, the biggest employment declines in the sector for the month occurred in printing and related support activities (down 2,700), computer and electronic products (down 2,400), miscellaneous nondurable goods (down 2,000) and furniture and related products (down 1,100).