With unemployment at 3.5%, U. S. adds 136,000 jobs
The September jobs report contains good news: unemployment is at a 50-year low, and even so, the U. S. still managed to add an impressive 136,000 jobs.
The economy added 136,000 new jobs in September, the government said Friday. Economists polled by MarketWatch had forecast a 150,000 increase.
This is the slowest pace of job growth in four months, as businesses grew more cautious about hiring, but employment gains for August and July revised up by a combined 45,000,
And in a separate survey, the U.S. unemployment rate dropped to 3.5%, the lowest rate since December 1969.
There was a dip in the increase of worker pay over the past 12 months, according to Market Watch, from “2.9% from 3.2%.” However, “average hourly earnings were little changed in September following an 11-cent gain in August.”
Even the lowest unemployment rate since 1969 doesn’t stop the leftstream media from complaining. Of course.
The New York Times notes that “Hiring Slowed in September as Unemployment Rate Fell to a 50-Year Low.” Well, yes, when the vast majority of Americans have employment, hiring is going to slow.
Likewise, Vox warns, “The economy is slowing down. That’s bad for Trump: The latest jobs report is … not great.”
The problem? A loss of 2,000 factory jobs and 11,400 retails jobs. Seriously.
But in September, the US economy lost 2,000 factory jobs. The retail industry lost 11,400 positions.
These numbers are preliminary, and may later be revised. But those losses help explain why overall economic growth has been so sluggish lately.
In other respects, the latest job report shows a US economy that is doing okay.
Of course it’s “not great” that over 13,000 people have lost jobs in factory and retail, but that’s hardly a harbinger of doom in a country with a population of over 327 million.
For perspective, following the 2007-08 economic crisis, there were 11.1 million people unemployed in December of 2008. As of yesterdays’ jobs report, there are 5.8 million unemployed, a decrease of 275,000 over the month.
The education and health sectors saw the largest increases in employment.
“One of the largest contributors to the lack of increased jobs number relates to how difficult it is to find labor in the market,” said Amy Glaser, senior vice president at Adecco USA. “At 3.5 percent, we’re basically at full employment, and it’s truly a challenge to find workers for the open jobs.”
Education and health services added the most jobs in September, creating 40,000 new jobs. Health care and social assistance alone added more than 41,000 jobs, with big gains in ambulatory services, home health care services and hospitals over the month.
Employment in professional and business services also ticked up, adding 34,000 new jobs. Most of the gains were concentrated in management and technical consulting services, as well as specialized design services.
Government jobs — which normally post little change month to month — also increased, adding 22,000 new positions in September. Over the past year, the government has created a total of 147,000 jobs, mostly in local government.
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