The household survey measure of US non-farm jobs, adjusted to exclude temporary census employment, rose by 132,000 in September to a 14-month high – see first chart. This may be a better guide to employment trends in the early stages of an expansion than the alternative payrolls survey measure, since it captures jobs created by start-ups. The household measure has gained 617,000 over the last six months versus a 433,000 increase in payrolls jobs.
Within the payrolls report, private-sector jobs rose by 64,000 in September. Further gains are likely, judging from a continuing recovery in job openings (vacancies), which lead employment – second chart.
