Some sore spots remain in the household survey. After trending down for six months, Black unemployment ticked up a percentage point to 7.0% in September. There is notable volatility in the household survey particularly for smaller population groups, but this would be concerning if it continues.

The household survey is painting a rosier picture of the labor market for September. The unemployment rate ticked up slightly, but for the right reasons as both labor force participation and employment increased. There is notably more volatility in the household survey but the trend is positive.

Slower wage growth means that with higher prices, workers and their families continue to find it difficult to make ends meet. Year-over-year real wages fell for five months in a row. When the latest price data is out on October 14, we'll learn if real wages have fallen for six months straight.

Manufacturing employment grew modestly in September, a gain of 9,000 jobs. But the fact remains that manufacturing employment is still down 21,000 jobs since January 2025. It's hardly a manufacturing boon.

Health care employment continues to chug along, adding 17,000 in September. Modest job growth in construction, leisure and hospitality, and manufacturing. After a bounce back in August, state and local government recorded losses for September.

Payroll employment growth has averaged 50,000 over the last three months, but it continues to be relatively volatile. Four months of jobs losses over the last year, while some notable gains recorded as well. Economic uncertainty may be at play in the latest spell of weakness and downward revisions.

Policymakers can rein in excessive CEO pay through more progressive tax policy, corporate governance reforms, and strengthened labor standards, including laws that make it easier for workers to unionize.

Correction: The 95th percentile increased 2.8% while the 90th percentile increased 1.7%. The key result still holds: household income inequality as measured by the 90/10 and 50/10 income ratios increased.

The supplemental poverty measure is a key poverty indicator using an expanded definition of resources and costs. In 2025, the supplemental poverty was unchanged. Social Security remains the most important anti-poverty program in the United States, lifting 28.8 million people out of poverty in 2025.

Median earnings for full-time workers was $66,620 in 2025, not significantly different from 2024. However, median earnings rose for women (3.2%) and were unchanged for men. Together this led to an increase in the female-male earnings ratio, hitting 83.9%, up from 80.6% in 2024.