The Monster Workforce Index measured 103.5 in September, down slightly from August’s reading of 104.1.
The national reading marks the third consecutive month in the Stable range. Despite the slight decline, 18 of the 20 industries posted higher readings than in August, highlighting differences between national and industry-level trends.
Retail recorded the largest monthly gain, while Oil, Gas and Mining, Technology, Information and Media, and Manufacturing also strengthened considerably.
September at a Glance
- National Workforce Index: 103.5
- August Workforce Index: 104.1
- Monthly change: −0.6 points
- September status: Stable
- Year-over-year change: +3.1 points
- Benchmark: 100
Industry Conditions Strengthen Across Most Sectors
Of the 20 industries measured, five landed in the Strong range, four were Healthy and 11 were Stable. For the first time since March 2026, no industry registered in the Cooling range.
Oil, Gas and Mining posted the highest reading at 120.4, gaining 12.4 points from August and moving from Healthy to Strong. Holding Companies followed at 116.3, while Wholesale (113.4), Construction (112.7) and Manufacturing (110.3) also finished in the Strong range.
Wholesale and Manufacturing moved into Strong from Healthy and Stable, respectively, while Construction and Holding Companies remained Strong.
Technology, Information and Media recorded a substantial improvement, rising 9.0 points to 108.8 and moving from Stable to Healthy. Financial Services also moved into Healthy, gaining 5.9 points to 108.4. Utilities (110.0) and Hospitals and Health Care (105.0) completed the Healthy group, with Hospitals and Health Care moving up from Stable.
The gains were not universal. Real Estate and Equipment Rental Services declined 1.4 points to 103.1, while Administrative and Support Services edged down 0.8 points to 99.7.
Retail Records Largest Monthly Rebound
Retail posted the largest improvement of any industry in September, rising 13.8 points to 98.7 and moving from Cooling to Stable.
The rebound ended four consecutive months in the Cooling range, from May through August. Retail’s September reading was its highest since April, although it remained below its September 2025 level of 102.4.
Entertainment Providers also moved out of Cooling, rising 3.5 points to 96.5 and ending its own four-month stretch in that range.
Industrial Sectors Lead Year-Over-Year Gains
The September results also show meaningful differences in industry performance compared with a year earlier.
Oil, Gas and Mining rose 20.2 points from September 2025, the largest annual increase among the industries measured. Wholesale gained 16.8 points, Construction rose 13.7 points and Holding Companies increased 11.0 points.
These gains contrast with weaker annual performance in several other industries. Professional Services declined 5.2 points from September 2025, Education fell 4.2 points and Retail was 3.7 points lower.
At the national level, the index stood 3.1 points above September 2025, when it measured 100.4.
What the September Results Mean for Hiring
September’s results show that national labor market conditions can remain relatively steady even as individual industries experience substantial changes.
While 18 of 20 industries improved, the national index edged lower. National and industry readings incorporate different sets of workforce indicators, meaning movements across industries do not necessarily translate into an equivalent change in the national index.
For hiring teams, the results reinforce the importance of monitoring both national trends and industry-specific movements. A Stable national index does not necessarily mean conditions are unchanged across the industries competing for workers.
About the Monster Workforce Index
The Monster Workforce Index (MWI) is a monthly measure of U.S. labor market conditions developed by the Monster Research Institute.
The index combines workforce indicators covering hiring activity, compensation, labor supply and broader labor market conditions. National and industry-level readings use different sets of indicators to reflect the availability of industry-specific data.
Indicators are seasonally adjusted or smoothed as appropriate. Each is standardized against its baseline and combined into a composite score centered at 100.
Monster classifies Workforce Index readings as:
- Cooling: Below 95
- Stable: 95 to below 105
- Healthy: 105 through 110
- Strong: Above 110
Source data are released on different schedules, so the index uses the most recently available data for each indicator at the time of calculation. Some indicators may therefore reflect the prior month.
The Monster Workforce Index is updated monthly as new labor market data become available. Learn more about the Monster Workforce Index here.