Kolko On Jobs Report: The Least Well-Off Took A Step Back In September

Jed Kolko, chief economist for the job site Indeed, commented on Friday's jobs report, which he described as being "solid enough" but not a "gangbuster" report.

Friday's jobs report showed that the U.S. economy added 156,000 jobs in September, and the unemployment rate remained unchanged at 5.0 percent. Kolko noted that job growth in the month was concentrated in the lower- and middle-wage industries, and higher-wage industries lagged behind.

He added that the overall employment situation for Americans with college degrees improved but worsened for adults with a high school degree or less.

"The least well-off took a step back in September," Kolko said in an e-mail obtained by Benzinga.

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Specifically, the unemployment rate for those with a high school degree or less rose 0.5 percent in September, which marks an acceleration from August's 0.2 percent growth. The unemployment rate for Americans with a college or associate's degree improved by 0.1 percent, matching the prior month.

Middle-wage jobs grew by 2.0 percent in September from the prior month, lower-wage jobs grew 1.7 percent and higher-wage jobs grew 1.1 percent.

By region, the West saw the highest employment growth at 2.6 percent on a month-over-month basis while the south experienced a 1.8 percent employment growth. The Midwest and Northeast suffered drops in employment by 0.9 percent and 0.1 percent, respectively.

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