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U.S. Economy Added 661,000 Jobs in September, Suggesting Recovery Plateau
In September, the U.S. economy has added 661,000 jobs. This suggests that the labor market’s recovery from the COVID-19 pandemic is starting to plateau. It may happen “amid fading government relief money and a gradually widening virus caseload,” reported Fox Business.
The Labor Department’s last payroll report before the November presidential election showed that the unemployment rate fell from 8.4% to 7.9%.
According to Fox Business, economists surveyed by Refinitiv had expected it to show that unemployment dropped to 8.2%. They also expected to see the economy adding 850,000 jobs.
Final jobs report before Election Day shows US employers added 661,000 workers in Septemberhttps://t.co/hd2HQWU8SX
— Fox News (@FoxNews) October 2, 2020
“These data are consistent with a labor market that is rebounding, albeit at a slower pace than a few months ago, which should be enough to support consumers and consumption,” said Sameer Samana, senior global market strategist at Wells Fargo.
“While risks remain, such as election- and COVID-19-related uncertainty, we believe investors should continue to remain fully invested,” Samana added.
U.S. stocks fell in Friday trading after the increase in employment that was smaller than expected, as well as the news that President Trump tested positive for COVID-19, MarketWatch reported.
“Private-sector hiring was somewhat stronger with the creation of 877,000 new jobs, the Bureau of Labor Statistics said Friday,” said the MarketWatch report. “What dragged down employment in September was a decline in public-educations jobs at local schools and state colleges. Most have adopted forms of online learning.”
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