Frustrated voters have another reason to fume at President Biden Friday as a new report shows September’s jobs numbers fell WELL below expectations; adding less than 200,000 as economists predicted half a million new positions.
From ABC News:
Hiring in the U.S. fell far below expectations last month, with employers adding just 194,000 jobs versus the expected 500,000, the Department of Labor said Friday.
The unemployment rate dipped slightly to 4.8%, the DOL added, but the latest hiring data comes after dismal job growth seen in August as well. Some 366,000 jobs were added in August, according to revised data released on Friday, and over a million jobs were added in July.
The more-contagious delta variant’s impact on the recovery is likely reflected in the disappointing figures, as the labor market still finds itself at the mercy of the virus. The unemployment rate still remains elevated compared to the pre-pandemic 3.5% seen in February 2020.