Posted on 10/08/2021 6:02:53 AM PDT by lasereye
U.S. employers unexpectedly hired at a slower pace in September than in August.
The Labor Department released its September jobs report Friday morning. Here were the main metrics from the report, compared to consensus estimates compiled by Bloomberg:
Non-farm payrolls were expected to pick up from August's much weaker-than-expected print, when renewed fears over the coronavirus deterred more workers from reentering the labor market. Friday's report did come alongside upward revision to each of the last two payrolls reports, with August payrolls revised up by 131,000 to reach 366,000, and July's payrolls revised up by 38,000 to 1.091 million.
The September showed a ninth consecutive month of net payroll gains in the U.S. economy, albeit at a much slower-than-expected rate. And even after months of growth, total employment has yet to return to pre-pandemic levels. The civilian labor force was still down by about 3.1 million individuals compared to February 2020 as of September.
The biggest drag to the headline payrolls figure for September came from the government, with public-sector payrolls dropping by a net 123,000. Local government education jobs specifically fell by 144,000, and state government education roles declined by 17,000.
"Most back-to-school hiring typically occurs in September. Hiring this September was lower than usual, resulting in a decline after seasonal adjustment," the Labor Department wrote in its report on Friday. "Recent employment changes are challenging to interpret, as pandemic-related staffing fluctuations in public and private education have distorted the normal seasonal hiring and layoff patterns."
(Excerpt) Read more at finance.yahoo.com ...
“Unexpectedly”.
L
Futures holding. Market might expect even more stimulus, or there could be a sell off at open. Nuts.
Cue picture if Jimmy Carter “miss me yet?”
Just wait until Biden kills even more jobs with the vaccine mandate 🙄
Gee, no one wants to work. biden’s build back better means you no longer have to work to survive. It’s paradise!
Someone teach me...
Isn’t the unemployment rate going down a good thing?
Unemployment rate is incredibly good. No doubt about that.
In the sweet old country where I come from
Nobody ever works
Yeah nothing gets done
We hang fire, we hang fire
Even better than Trump! I would love Trump to be able to use this on billboards.
Of course, Carter would never approve…
Service jobs are available everywhere by me. Don’t know about other types of positions, but every store and restaurant needs workers, but people won’t work. All of these jobs were filled 2 years ago.
When nobody wants to work, of course the unemployment rate goes down.
What’s the labor force participation rate?
After a certain amount of time, one isn’t considered unemployed anymore. They just drop off the labor force rate.
Inflation raging out of control so of course the greedy bastards want more stimuli.
That’s simply because the job participation rate continues to drop and the unemployed stop looking for work- despite the fact there are millions of jobs available.
As the job participation rate drops, it was down .1% this month, its easier to get a low unemployment number.
What people don’t see here is the most important. They said when Trump became POTUS that he couldn’t fix the economy because he would have to make up about 300-500k jobs a month to get to ‘employed’ levels of the pre 2008 crash. Now, during the Biden economic recovery, we can even manage 300k jobs. What that means to me, with the unemployment rate going down and Food stamps up, is that people are transitioning to disabled like they did under Obama.
That means bigger deficits, more and more taxes, and extreme inflation coming.
Government statistics are meaningless.
If you believe that I have some ocean front property in Arizona to sell you.
Crappy numbers could be the FED doesn’t taper as soon.
My guess is that people are dropping out of the labor force. More people are living off of Biden checks and other freebies. This would explain how we can have miniscule job growth and lower unemployment both at the same time.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.