{"id":8090,"date":"2026-10-02T17:10:02","date_gmt":"2026-10-02T17:10:02","guid":{"rendered":"https:\/\/www.rbc.com\/fr\/economique\/?p=8090"},"modified":"2026-10-28T17:58:51","modified_gmt":"2026-10-28T17:58:51","slug":"rapport-de-septembre-sur-lemploi-indicateurs-en-perte-de-vitesse-bases-solides","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/fr\/economique\/analyse-pour-les-etats-unis\/cette-semaine-aux-etats-unis\/rapport-de-septembre-sur-lemploi-indicateurs-en-perte-de-vitesse-bases-solides\/","title":{"rendered":"Rapport de septembre sur l\u2019emploi : Indicateurs en perte de vitesse, bases solides"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h4 id=\"h-en-resume-nbsp\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-1\">En r\u00e9sum\u00e9&nbsp;:<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Le rapport de septembre sur l\u2019emploi a peut-\u00eatre d\u00e9\u00e7u les attentes du march\u00e9, mais cela ne signifie pas que le march\u00e9 de l\u2019emploi est faible. La cr\u00e9ation de 29&nbsp;000&nbsp;emplois est assez saine dans le contexte de notre estimation du point d\u2019\u00e9quilibre de 20&nbsp;000&nbsp;emplois par mois. Les cr\u00e9ations ont \u00e9t\u00e9 g\u00e9n\u00e9ralis\u00e9es et les baisses sont probablement davantage le reflet des d\u00e9parts \u00e0 la retraite que des mises \u00e0 pied, surtout dans les secteurs o\u00f9 la main-d\u2019\u0153uvre est plus \u00e2g\u00e9e (p. ex., l\u2019\u00e2ge m\u00e9dian des travailleurs dans le secteur des services financiers est de 44,2&nbsp;ans, comparativement \u00e0 42,1&nbsp;ans dans l\u2019ensemble). Malgr\u00e9 un ralentissement de l\u2019embauche dans le secteur des soins de sant\u00e9, la vigueur a \u00e9t\u00e9 aliment\u00e9e par le secteur des biens, qui a continu\u00e9 de se redresser apr\u00e8s les mises \u00e0 pied survenues dans la foul\u00e9e du \u00ab&nbsp;jour de la lib\u00e9ration&nbsp;\u00bb plus t\u00f4t en 2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le taux de ch\u00f4mage a l\u00e9g\u00e8rement grimp\u00e9 \u00e0 4,2&nbsp;%, mais cette hausse est en grande partie attribuable \u00e0 l\u2019arrondissement (4,175&nbsp;% en septembre, contre 4,141&nbsp;% en ao\u00fbt). La hausse de la participation \u00e0 la population active \u00e0 61,8&nbsp;% a contribu\u00e9 \u00e0 cette tr\u00e8s l\u00e9g\u00e8re augmentation et n\u2019est pas pr\u00e9occupante. En fait, toutes les mesures du ch\u00f4mage autres que la mesure officielle globale&nbsp;U-3 sont demeur\u00e9es stables ou se sont am\u00e9lior\u00e9es.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/how-to-monitor-the-persistent-tightness-in-the-us-labor-market\/\" target=\"_blank\" data-dig-id=\"LP-Analysepourles\u00c9tats-Unis-Cettesemaineaux\u00c9tats-Unis-8090-60d73792\" data-dig-category=\"LP-Analysepourles\u00c9tats-Unis-Cettesemaineaux\u00c9tats-Unis\" data-dig-action=\"link click\" data-dig-label=\"Les indicateurs les plus importants que nous surveillons\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Les indicateurs les plus importants que nous surveillons<\/a> (Cet article est disponible uniquement en anglais.) pour d\u00e9celer des signes d\u2019affaiblissement de la demande montrent que le resserrement persiste&nbsp;:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">La croissance du nombre total d\u2019heures dans le secteur priv\u00e9 s\u2019acc\u00e9l\u00e8re, ce qui signifie qu\u2019un plus grand nombre de travailleurs travaillent plus d\u2019heures.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">La proportion de travailleurs \u00e0 temps partiel pour des raisons \u00e9conomiques, en pourcentage du nombre total d\u2019emplois, se situe pr\u00e8s de leur plus bas niveau historique, ce qui signale une capacit\u00e9 exc\u00e9dentaire minimale.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Le taux de retour \u00e0 l\u2019emploi a l\u00e9g\u00e8rement augment\u00e9 et les mesures \u00e9largies de la capacit\u00e9 exc\u00e9dentaire se sont toutes am\u00e9lior\u00e9es.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Du c\u00f4t\u00e9 des consommateurs, nous continuons de souligner que la r\u00e9mun\u00e9ration horaire moyenne peut \u00eatre trompeuse. Oui, les donn\u00e9es d\u2019un mois sur l\u2019autre se sont repli\u00e9es pour se fixer \u00e0 0,1&nbsp;%, mais elles sont soumises au bruit caus\u00e9 par des effets de composition d\u00e9coulant de l\u2019embauche au niveau sectoriel et de la d\u00e9mographie. De plus, les d\u00e9penses personnelles et le taux d\u2019\u00e9pargne ont tous deux \u00e9t\u00e9 r\u00e9vis\u00e9s \u00e0 la hausse de fa\u00e7on notable cette semaine, m\u00eame si la r\u00e9mun\u00e9ration horaire moyenne r\u00e9elle a affich\u00e9 une tendance n\u00e9gative cette ann\u00e9e. Il est \u00e9galement vrai que les travailleurs travaillent plus d\u2019heures et qu\u2019ils touchent un salaire plus \u00e9lev\u00e9 chaque semaine. En termes r\u00e9els, mai a \u00e9t\u00e9 le seul mois de l\u2019ann\u00e9e o\u00f9 la r\u00e9mun\u00e9ration hebdomadaire moyenne a diminu\u00e9, une tendance qui correspond mieux aux r\u00e9visions \u00e0 la hausse mentionn\u00e9es ci-dessus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le v\u00e9ritable d\u00e9fi de l\u2019\u00e9conomie am\u00e9ricaine est la mont\u00e9e des pressions inflationnistes, et non le contexte du march\u00e9 de l\u2019emploi.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6ae52f1b91541&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6ae52f1b91541\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1132\" height=\"1012\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" 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data-wp-interactive=\"core\/image\" data-wp-key=\"6ae52f1b9211c\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"2084\" height=\"1308\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/10\/FR_U.S.-Unemployment-Measures-Headline-vs.-Broader-Indicators.png\" alt=\"\" class=\"wp-image-8099\" srcset=\"https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/10\/FR_U.S.-Unemployment-Measures-Headline-vs.-Broader-Indicators.png 2084w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/10\/FR_U.S.-Unemployment-Measures-Headline-vs.-Broader-Indicators.png?resize=300,188 300w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/10\/FR_U.S.-Unemployment-Measures-Headline-vs.-Broader-Indicators.png?resize=768,482 768w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/10\/FR_U.S.-Unemployment-Measures-Headline-vs.-Broader-Indicators.png?resize=1024,643 1024w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/10\/FR_U.S.-Unemployment-Measures-Headline-vs.-Broader-Indicators.png?resize=1536,964 1536w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/10\/FR_U.S.-Unemployment-Measures-Headline-vs.-Broader-Indicators.png?resize=2048,1285 2048w\" sizes=\"auto, (max-width: 2084px) 100vw, 2084px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong><strong>\u00c0 propos des auteurs :<\/strong><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Mike Reid<\/strong><em> est chef, Services \u00e9conomiques RBC \u2013 \u00c9tats-Unis.&nbsp;Il est charg\u00e9 d\u2019\u00e9tablir les perspectives \u00e9conomiques de RBC pour les \u00c9tats-Unis, de commenter les indicateurs macro\u00e9conomiques et de r\u00e9diger des analyses concernant le contexte \u00e9conomique.<\/em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><em><strong>Carrie Freestone<\/strong><em>&nbsp;est \u00e9conomiste principale aux \u00c9tats-Unis \u00e0 RBC et membre de l\u2019\u00e9quipe des Services \u00e9conomiques aux \u00c9tats-Unis \u00e0 RBC&nbsp;March\u00e9s des Capitaux. Elle est responsable de pr\u00e9voir les principaux indicateurs cl\u00e9s am\u00e9ricains, notamment le PIB, l\u2019emploi, les d\u00e9penses de consommation et l\u2019inflation aux \u00c9tats-Unis. Elle contribue \u00e9galement aux commentaires sur la conjoncture \u00e9conomique aux \u00c9tats-Unis qu\u2019elle transmet aux clients au moyen de publications, de pr\u00e9sentations et par l\u2019interm\u00e9diaire des m\u00e9dias.<\/em><\/em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Imri Haggin<\/strong><em>&nbsp;est \u00e9conomiste \u00e0 RBC March\u00e9s des Capitaux, o\u00f9 il se concentre sur la recherche th\u00e9matique. Ses travaux ant\u00e9rieurs portaient sur la dynamique du cr\u00e9dit \u00e0 la consommation et la mod\u00e9lisation des liquidit\u00e9s, et mettaient l\u2019accent sur l\u2019utilisation des donn\u00e9es pour comprendre les comportements.<\/em><\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":2766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[72,76],"tags":[],"rbc_econ_content_type":[],"class_list":["post-8090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse-pour-les-etats-unis","category-cette-semaine-aux-etats-unis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.2 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Rapport de septembre sur l\u2019emploi : Indicateurs en perte de vitesse, bases solides - RBC Economique<\/title>\n<meta name=\"robots\" content=\"index, follow, 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