The official jobs numbers for September have now officially been released and they fell far below the expectations of most economists, clocking in at only 194,000 jobs gained.
Approximately 500,000 jobs were expected.
As CNBC reports:
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 to 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.…“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.”