THIS WEEK IN BUSINESS seasonally, according to the U.S. Department of Labor. September's increase in payroll employment (125,000 seasonally adjusted) is the smallest in the last four months. About 30,000 of the increase is due to striking workers returning to payrolls. Services (40,000), state and local governments (25,000), and trade (20,000 workers) sectors account for new-job growth in September. Three fourths of the employment pickup in contract construction (40,000) is the result of striking workers returning to payrolls.
However, the total gain in industrial payroll employment in September is substantially less than the 180,000 average monthly increase recorded during May to August. This, the Department of Labor says, reflects the more modest employment increases in service-producing industries, which had provided most of the new jobs during this period. Employment in the goods-producing sector of the work force has remained essentially unchanged in the May to August period. Unemployed workers totaled 2.6
OCTOBER 2 1 , 1968
million in September, 160,000 less than in August. But this decline is about 100,000 less than was seasonally expected. The overall jobless rate stood at 3.6% in September, up 0 . 1 % from August. For the first three quarters of this year the unemployment rate has averaged 3.6%. For production and nonsupervisory workers, average hourly earnings rose 4 cents to $2.90 last month. Indeed, all industries posted increases. But this is the usual situation in September, as many young people leave jobs that have low hourly wages.
PRICES All Wholesale Commodities vs. Chemicals
Industrial Chemicals 1967
1957-1959 = 100
1968
110
1957-1959 = 100 106
102 All Wholesale Commodities
102-
94Chemicals and Allied Products
94
f
1
1
1
90
r—r
D J F M A Source: Bureau of Labor Statistics
I I I I I I I I I iI
D J F M A M J J A S O N D
M
Rubber Products
Petroleum Products
Drugs
1957-1959 = 100
1957-1959 = 100
1957-1959 = 100
106
106
106
102-
m
