The September jobs report is out and it’s a disaster.
The expectation was for 500,000 jobs to be created and the actual number was less than 200,000.
This is the Joe Biden effect in action.
September’s jobs creation comes up short with gain of just 194,000
The U.S. economy created jobs at a much slower-than-expected pace in September, a pessimistic sign about the state of the economy though the total was held back substantially by a sharp drop in government employment.
Nonfarm payrolls rose by just 194,000 in the month, compared with the Dow Jones estimate of 500,000, the Labor Department reported Friday. The unemployment rate fell to 4.8%, better than the expectation for 5.1% and the lowest since February 2020.
The headline number was hurt by a 123,000 decline in government payrolls, while private payrolls increased by 317,000.
The drop in the jobless rate came as the labor force participation rate edged lower, meaning more people who were sidelined during the coronavirus pandemic have returned to the workforce. A more encompassing number that also includes so-called discouraged workers and those holding part-time jobs for economic reasons declined to 8.5%, also a pandemic-era low.
“This is quite a deflating report,” said Nick Bunker, economic research director at job placement site Indeed. “This year has been one of false dawns for the labor market. Demand for workers is strong and millions of people want to return to work, but employment growth has yet to find its footing.”
This is just awful.
— CNBC (@CNBC) October 8, 2021
Once again, Biden turned his back and refused to take questions.
Joe Biden ignores questions on Afghanistan and the terrible September jobs report.
Biden can’t defend his horrible record! pic.twitter.com/vhY9VUpYy7
— RNC Research (@RNCResearch) October 8, 2021
President Biden’s failed economic policy has created an economic crisis.
September’s jobs report is the WORST of the year.
— Rep. Elise Stefanik (@RepStefanik) October 8, 2021
This is terrible news and it’s all on Biden.