Jim Acosta Had a Sad Gathering of Resistance Losers in DC
We Are in a Political Game
Democrats Have Suddenly Become Interested in the Epstein Files – I Wonder Why?
Top Lawyer Shuts Down Elon Musk’s Explosive Claim About Trump and Epstein
'Corrupt As Hell': Trump Goes Off on The New York Times and Washington...
The Spat vs. the Scandal
Tehran’s Nuclear Lies Unraveled by Iran’s Democratic Resistance
Trump Administration Blasts Boston Mayor's 'Sickening' Comments About ICE Agents
The Latest Jobs Report Is Here
Musk Changed His Tune on Decommissioning Dragon Amid Trump Feud. Here's Why.
There's Been an Update About That Reported Phone Call Between Trump, Musk Following...
Here's What Jasmine Crockett Thinks Is Going to Help Her Party for 'This...
Disgusting: Major Event in Texas Canceled Over Jihadist Threats
Four Democrat-Led States Urge the FDA to Lift Abortion Pill Restrictions
Scott Jennings Certainly Has Thoughts on KJP’s New Book
Tipsheet

Weak September Jobs Report Misses Prediction by Sixty Percent in Smallest Gain This Year

AP Photo/J. Scott Applewhite

The U.S. Bureau of Labor Statistics reported on Friday that the American economy added a weak 194,000 jobs in September and the unemployment rate fell by 0.4 percentage point to 4.8 percent, missing a predicted 500,000 new payrolls by sixty percent. 

Advertisement

BLS reported that "job gains occurred in leisure and hospitality, in professional and business services, in retail trade, and in transportation and warehousing" while the "number of unemployed persons fell by 710,000 to 7.7 million" which is still higher than the 5.7 million Americans who were unemployed before the Wuhan coronavirus struck.

Economists had predicted half a million new jobs and a 5.1 percent unemployment rate, a forecast that was partially missed and partially met for September, but the lower unemployment rate isn't necessarily a good metric to beat when paired with weak job growth. As economist Steve Moore explained on Fox Business Friday morning, September's 4.8 percent unemployment rate is not a good number to see when fewer than 200,000 new payrolls were added because that shows people are leaving the labor market and no longer looking for work. 

Advertisement

Moore also pointed out the unemployment rate could easily get to zero if those not currently working just dropped out of the workforce. BLS reported a labor participation rate of 61.6 percent in September, down roughly two percentage points since February 2020 before the Wuhan coronavirus. 

Meanwhile, extended unemployment benefits continue to phase out, giving more Americans an incentive to find jobs and return to the workforce. Still, there are millions more job openings than unemployed Americans pointing to a lasting labor shortage across a number of industries. 

September's jobs numbers come as President Biden's job approval continues to tank, especially when it comes to economic issues facing Americans. 

New polling out this week from Quinnipiac found that across the board, Biden is underwater with a 38-53 approval/disapproval rating. Just 39 percent approve of Biden's handling of the economy while 55 percent disapprove. More than two-thirds — 69 percent — of Americans currently rate the country's economy under Biden as "not so good" or "poor." 

Advertisement

When it comes to taxes, 37 percent of Americans approve of Biden's policies while 54 percent disapprove. More than half — 56 percent — of Americans say Biden doesn't have good leadership skills as he continues promising he'll build American back better. 

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement