It seems the economic crisis under the Biden administration will keep going. In September, the U.S. economy saw a 194,000-jobs increase and an unemployment rate fall by 0.4% to 4.8%, according to a report the Labor Department released on Friday.
The figures for September seem to be far worse than the ones for August when the report for that month indicated that 235,000 jobs were created. The August figure has since been revised to 366,000, however.
This slow place of creating jobs took experts by surprise again as they have previously forecasted around 500,000 jobs created. Although, the economy fell short once again.
Horrible jobs data. Disguising it as "labour shortages" is a joke.
Dreadful 194k gain (500k expected) in non-farm payrolls in September.
Labor force fell by 183k, still 3 million below pre-pandemic level.
11 months of stagnant labor participation rate, at 61.6%. pic.twitter.com/bfRcV1Ch3l
— Daniel Lacalle (@dlacalle_IA) October 8, 2021
The figures for jobs created were expected to significantly go up in September as the expanded employment checks provided by the federal government expired.
However, the report revealed that Americans remain to sit on the sidelines as the COVID-19 Delta variant keeps on spreading.
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In September, the labor force participation rate went down to 61.7% from the August rate of 61.8%. Although it remains within the average since the pandemic started.
These numbers revealed that the country’s economy has yet to go back to normalcy as some industries did worse than how they performed in August.
CNBC panel shocked by terrible September jobs report: “Woah,” “That is real low.”
Biden is failing! pic.twitter.com/hzmudK4nWg
— RNC Research (@RNCResearch) October 8, 2021
The leisure and hospitality industry saw jobs go up by 74,000, but it did not change much in bars and restaurants.
Meanwhile, manufacturing only saw a 26,000 increase in jobs, which is down from August’s 37,000.
Mining jobs went down to 5,000, which is fewer than August’s 6,000 jobs.
People employed in jobs related to local government public education went down by 144,000, which is unexpected since September happened to be the month education hiring spikes happen as kids go back to school.
Additionally, the health care industry saw employment fall, with jobs in nursing and residential care facilities went down by 38,000 while hospital employment numbers dropped by 8,000.