Wednesday, November 11, 2026Mortgage news · Rates & market context

Jobs · ORIGINAL ECONOMIC RELEASE

September 2014 Employment Situation

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,…

Historical releaseThe figures below describe the original reporting period. They are not today’s rates or a current economic forecast.Today’s market brief →

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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. (See table A-1.)

Among the major worker groups, unemployment rates declined in September for adult men (5.3 percent), whites (5.1 percent), and Hispanics (6.9 percent). The rates for adult women (5.5 percent), teenagers (20.0 percent), and blacks (11.0 percent) showed little change over the month. The jobless rate for Asians was 4.3 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of job losers and persons who completed temporary jobs decreased by 306,000 in September to 4.5 million. The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 3.0 million in September. These individuals accounted for 31.9 percent of the unemployed. Over the past 12 months, the number of long-term unemployed is down by 1.2 million. (See tables A-11 and A-12.)

The civilian labor force participation rate, at 62.7 percent, changed little in September. The employment-population ratio was 59.0 percent for the fourth consecutive month. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in September at 7.1 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

In September, 2.2 million persons were marginally attached to the labor force, essentially unchanged from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 698,000 discouraged workers in September, down by 154,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.5 million persons marginally attached to the labor force in September had not searched for work for reasons such as school attendance or family responsibilities. (See table A-16.)

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. (See table B-1.)

Professional and business services added 81,000 jobs in September, compared with an average gain of 56,000 per month over the prior 12 months. In September, job gains occurred in employment services (+34,000), management and technical consulting services (+12,000), and architectural and engineering services (+6,000). Employment in legal services declined by 5,000 over the month.

Employment in retail trade rose by 35,000 in September. Food and beverage stores added 20,000 jobs, largely reflecting the return of workers who had been off payrolls in August due to employment disruptions at a grocery store chain in New England. Employment in retail trade has increased by 264,000 over the past 12 months.

Health care added 23,000 jobs in September, in line with the prior 12-month average gain of 20,000 jobs per month. In September, employment rose in home health care services (+7,000) and hospitals (+6,000).

Employment in information increased by 12,000 in September, with a gain of 5,000 in telecommunications. Over the year, employment in information has shown little net change.

Mining employment rose by 9,000 in September, with the majority of the increase occurring in support activities for mining (+7,000). Over the year, mining has added 50,000 jobs.

Within leisure and hospitality, employment in food services and drinking places continued to trend up in September (+20,000) and is up by 290,000 over the year.

In September, construction employment continued on an upward trend (+16,000). Within the industry, employment in residential building increased by 6,000. Over the year, construction has added 230,000 jobs.

Employment in financial activities continued to trend up in September (+12,000) and has added 89,000 jobs over the year. In September, job growth occurred in insurance carriers and related activities (+6,000) and in securities, commodity contracts, and investments (+5,000).

Employment in other major industries, including manufacturing, wholesale trade, transportation and warehousing, and government, showed little change over the month.

In September, the average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.6 hours. The manufacturing workweek was unchanged at 40.9 hours, and factory overtime edged up by 0.1 hour to 3.5 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged down by 0.1 hour to 33.7 hours. (See tables B-2 and B-7.)

Average hourly earnings for all employees on private nonfarm payrolls, at $24.53, changed little in September (-1 cent). Over the year, average hourly earnings have risen by 2.0 percent. In September, average hourly earnings of private-sector production and nonsupervisory employees were unchanged at $20.67. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for July was revised from +212,000 to +243,000, and the change for August was revised from +142,000 to +180,000. With these revisions, employment gains in July and August combined were 69,000 more than previously reported.

Source: U.S. Bureau of Labor Statistics · Original release Oct 3, 2014.

Archived Nov 11, 2026. Source reuse policy. Formatting has been adapted for reading; the source’s conclusions remain attributed to its publisher.

MortgageRates.news analysis · Historical context

The mortgage market around this release

This original analysis is separate from the source article. It compares observed benchmarks around ; historical averages and yields are not current mortgage offers.

Read beyond one jobs number

The Employment Situation combines two surveys: establishment data measure payroll jobs, hours and earnings, while household data measure people’s employment status and the unemployment rate. A payroll-job change and an unemployment-rate change therefore answer different questions. Check the reference period, participation and revisions alongside the headline. Labor-market conditions inform the policy outlook, but a later mortgage-rate change can reflect many developments; this calendar window cannot identify the report as its cause. BLS Employment Situation tables and technical notes.

Nearest published observation on or before each target date
Benchmark30 days earlierSep 3, 2014Publication referenceOct 3, 201430 days laterNov 2, 2014
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®4.10%Observed 4.19%Observed +9 bps vs. earlier reference3.98%Observed −21 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the TreasuryUnavailableBefore available coverage, which starts Jan 4, 2016.UnavailableBefore available coverage, which starts Jan 4, 2016.UnavailableBefore available coverage, which starts Jan 4, 2016.

Calendar references, not an intraday reaction. A same-day market observation may have been published after a morning release. These figures do not show what was known at its exact publication time. One basis point (bp) is 0.01 percentage point; changes use the actual dated observations shown.

Six months around publication

Jul 3, 2014 – Jan 3, 2015
Historical mortgage and Treasury observations around Oct 3, 2014Each dot is a published observation. No missing values are estimated. The dashed vertical line marks the article’s publication calendar date. Rates and yields are percentages.3.50%4.00%4.50%Publication date30-year fixed mortgage: 4.12% · Jul 3, 201430-year fixed mortgage: 4.15% · Jul 10, 201430-year fixed mortgage: 4.13% · Jul 17, 201430-year fixed mortgage: 4.13% · Jul 24, 201430-year fixed mortgage: 4.12% · Jul 31, 201430-year fixed mortgage: 4.14% · Aug 7, 201430-year fixed mortgage: 4.12% · Aug 14, 201430-year fixed mortgage: 4.10% · Aug 21, 201430-year fixed mortgage: 4.10% · Aug 28, 201430-year fixed mortgage: 4.10% · Sep 4, 201430-year fixed mortgage: 4.12% · Sep 11, 201430-year fixed mortgage: 4.23% · Sep 18, 201430-year fixed mortgage: 4.20% · Sep 25, 201430-year fixed mortgage: 4.19% · Oct 2, 201430-year fixed mortgage: 4.12% · Oct 9, 201430-year fixed mortgage: 3.97% · Oct 16, 201430-year fixed mortgage: 3.92% · Oct 23, 201430-year fixed mortgage: 3.98% · Oct 30, 201430-year fixed mortgage: 4.02% · Nov 6, 201430-year fixed mortgage: 4.01% · Nov 13, 201430-year fixed mortgage: 3.99% · Nov 20, 201430-year fixed mortgage: 3.97% · Nov 26, 201430-year fixed mortgage: 3.89% · Dec 4, 201430-year fixed mortgage: 3.93% · Dec 11, 201430-year fixed mortgage: 3.80% · Dec 18, 201430-year fixed mortgage: 3.83% · Dec 24, 201430-year fixed mortgage: 3.87% · Dec 31, 2014Jul 3, 2014Oct 3, 2014Jan 3, 2015
30-year fixed mortgage27 observations
Dots show published observations only. Missing dates remain blank, with no interpolation. The series have different publication schedules and measure different markets.

What that benchmark difference would mean for a $300,000 loan

At the publication reference$1,465.30/month

4.19% · Oct 2, 2014

At the later reference$1,428.79/month

3.98% · Oct 30, 2014

The illustrative principal-and-interest payment is $36.51 lower per month. This holds the loan amount and term constant to show the arithmetic effect of the benchmark difference.

Assumptions: two separate hypothetical $300,000 loans, each fully amortizing over 30 years with 360 monthly payments and its stated fixed interest rate. Excludes points, lender fees, taxes, insurance, association charges and other costs. PMMS is a national average, not an APR or a personalized rate offer. These are not two payments on one existing loan.

Sources, historical coverage and calculation limits

The 30-day comparisons use calendar days. Each cell selects the last published observation on or before its target; no rates are synthesized for missing dates. Gaps greater than seven days for daily Treasury data or fourteen days for weekly mortgage data are marked unavailable. Forward comparisons require the date to have arrived and source coverage to extend through it.

Historical files may contain revisions and do not reconstruct precisely what every market participant knew at the time. Freddie Mac changed its PMMS collection methodology in November 2022. Cross-period comparisons should account for that change. These windows include other news and cannot establish causation or forecast the next rate move.

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