The U.S. Labor Department’s Bureau of Labor Statistics reported that the U.S. economy added over 250,000 new jobs in September, surpassing expectations. This brings the total to 16 million jobs created under the Biden-Harris Administration. The unemployment rate has decreased to 4.1%, marking the lowest average unemployment in 50 years.

Today also marks Manufacturing Day, highlighting the administration's focus on revitalizing American manufacturing. Supported by investments from the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act, over 700,000 new manufacturing jobs have been created. Additionally, more than $910 billion in private manufacturing investments have been announced nationwide.

In related economic news, real gross domestic product (GDP) grew at an annual rate of 3.0 percent in the second quarter of 2024 as per the "third" estimate released by the Commerce Department’s Bureau of Economic Analysis (BEA). This growth is attributed to increased consumer spending and personal income, with personal income rising by $315.7 billion in the second quarter—a revision upwards by $82.1 billion from previous estimates.

Wages continue to rise as well; according to BLS estimates, real average hourly earnings for all workers increased by 0.2 percent from July to August and rose by 1.3 percent from August 2023 to August 2024.

Further information can be found in President Biden's statement on the September Jobs Report and his Proclamation on National Manufacturing Day for 2024.

By The Numbers is a blog series showcasing economic data from the Commerce Department and other federal agencies impacting the American economy.