The Welch Consulting Employment Index advanced in September, rising a strong six-tenths of a point to 101.1. The index is at its highest level since July, 2008. The index for women has hit a record high of 103.9, eclipsing levels last seen in 2007.

The Welch Index measures full-time equivalent employment after adjustment for population growth and the aging of the workforce. The Index value of 100.0 indicates that adjusted full-time equivalent employment is the same as its level in the base year of 2004.

Over the past 12 months the index has risen from 99.6 to 101.1. The increase in the Index over the past year means that full-time equivalent employment has been growing at a faster rate than the adult population. Full-time equivalent employment increased 1.5% faster than the adult population over the past year (after making adjustments for the aging of the U.S. adult population). Looking back at the most recent 6 months, the index increased from 100.5 in February to 101.1 currently – an increase of 0.6%. The rate of change over the past year is on pace with the overall trend for the last 3 years of about 1.1% increase per year, while growth has slowed in the last 6 months.

The indices for both men and women advanced this month. The index for women rose 0.7 points from 103.2 to 103.9. This puts the index for women at a record high, exceeding its prior record of 103.7, hit in September 2007. The index for men rose 0.5 points this month, from 98.3 to 98.8. For the past 12 months the index for men has risen 1.0 points and the index for women has risen 2.0 points.

Technical Note: Full-time equivalent employment equals full-time employment plus one half of part-time employment from the BLS household survey (the Current Population Survey). The data reported for a given month is generally from the calendar week that contains the 12th day of the month. The Welch index adjusts for the changing age distribution of the population by fixing the age distribution of adults to the distribution in the base year of 2004. Seasonal effects for the share of workers employed in part-time jobs are removed in a regression framework using monthly indicator variables.