September jobs report: Which industries hired the most workers?

Published On Oct 4, 2024, 2:30 PM

In September, U.S. employers added 254,000 jobs, surpassing expectations. The food and beverage sector led with 69,000 new jobs, while health care added 45,000. The government sector added 31,000 positions, and construction saw a gain of 25,000 jobs. However, manufacturing lost 7,000 jobs, primarily in car and electrical appliance production. Overall, the leisure and hospitality sector thrived, but transportation and warehousing faced losses.

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Stock Forecasts

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Positive

Strong job growth in the food and beverage and health care sectors may indicate consumer confidence and discretionary spending. Companies in these sectors could see stocks rise as demand increases. Alternatively, the decline in manufacturing jobs could signal potential weakness in that sector.

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Positive

As the leisure and hospitality sectors continue to grow, ETFs or stocks tied to these industries could have a positive outlook. Consumer discretionary spending may generally rise, benefiting related stocks.

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Negative

The decrease in transportation and warehousing jobs indicates potential supply chain issues, which might negatively affect ETF sectors related to logistics and industry.

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