September Jobs Report Once Again Fails To Meet Expectations
Just remember, as the administration always stresses, “it is important not to read too much into any one monthly report”. So, don’t be concerned that yet another jobs report underperforms
(Business Week) Payrolls climbed less than projected in September, indicating the U.S. economy had little momentum leading up to the federal government shutdown. The jobless rate fell to an almost four-year low.
The addition of 148,000 workers followed a revised 193,000 rise in August that was larger than initially estimated, Labor Department figures showed today in Washington. The median forecast of 93 economists surveyed by Bloomberg called for a 180,000 advance. Unemployment fell to 7.2 percent, the lowest level since November 2008. The report, delayed by the 16-day shutdown that ended Oct. 17, was originally slated for Oct. 4.
Surprisingly, the August report was revised up. More often, they are revised down. July’s report was “revised” for a second time, down from the original 169K to 89K. The participation rate is still just 63.2%, which matches the lowest back during the Carter administration in 1978.
What does the jobs breakdown look like? 22K came from Government hiring
(CNBC) The bulk of the jobs came from professional and business services, which added 32,000 positions, while there were 20,000 more temporary jobs. Transportation and warehousing rose by 23,000, and there were 20,000 additional construction positions.
So, mostly low paying jobs. Remember when Democrats and the media used to assail George Bush, claiming that these were all “bad jobs”? Ed Morrissey notes that the report is slightly worse than treading water. We should expect an Obama speech proclaiming that he’s mad about this, and will get someone right on it.