We’re not big fans of promoting doom and gloom but alas, after today’s belated jobs report was issued, we’re not exactly kicking up our heels with excitement.
In September, employers added 148,000 jobs. Keep in mind economists were anticipating 180,000 jobs; that’s quite a difference! As for some slightly better news, the unemployment rate dropped to 7.2 percent. In August, the rate was 7.3 percent.
This report was long overdue since it’s original release date of October 4 was absent, courtesy of the government shutdown. Since last year, the economy has added an average of 185,000 brand new jobs each and every month.
As pointed out by Forbes, PNC senior economist Gus Faucher has indicated employment is rather flat; that is, down 1.8 million compared to its peak prior to the recession.
That said, the size of the labor force grew by 73,000 as more people are pounding the pavement looking for work. Furthermore, he mentioned this is “the right reason” for the unemployment rate to drop; the man may be onto something.