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Fewer Americans hired last month than in August, but jobless rate dipped to 7.2% from 7.3%

By Associated Press

POSTED:


WASHINGTON >> A dim view of the U.S. job market emerged Tuesday with a report that employers cut back on hiring in September just before a partial government shutdown began.

Just 148,000 jobs were added last month, a steep drop from August’s gain, though they were enough to lower unemployment to 7.2 percent from 7.3 percent in August. The report bolsters expectations that the Federal Reserve will maintain its pace of bond purchases for the rest of 2013 to try to keep long-term loan rates low.

The government’s release of the September jobs report was delayed 21⁄2 weeks by the shutdown.

Temporary layoffs during the 16-day shutdown will probably depress October’s job gain. That means a clear picture of the job market won’t emerge before November jobs figures are issued in December.

Economists at Barclays now predict the Fed won’t trim its bond purchases until March, much later than its previous forecast of December.

“The economy is too fragile for the Federal Reserve to touch,” said Sung Won Sohn, an economist at California State University. “The shenanigans in Congress have hurt confidence and increased uncertainties, most likely hurting both consumer and business spending as well as hiring.”

Average U.S. job growth has fallen sharply in the past three months after a promising start this year.

The economy added an average of 143,000 jobs a month from July through September. That was down from the 182,000 average gain from April through June and well below the 207,000-a-month pace from January through March.

The report “reinforces the impression that the labor market was losing a little momentum heading into the shutdown,” said Josh Feinman, global chief economist at Deutsche Asset and Wealth Management. “The labor market is continuing to create jobs. … It’s just frustratingly slow.”

A tight job market has discouraged many Americans from looking for work. The percentage of Americans working or looking for work remained at a 35-year low last month.






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MalamaKaAina wrote:
Figures lie and liars figure!
on October 23,2013 | 01:56AM
Maipono wrote:
Very anemic job numbers, what happens when you have poor leadership that have a poor understanding of economics. Obama and the Democrats have really destroyed the vibrant economy that usually follow a deep recession. When the labor participation rate is at a 35 year low, you know that something is wrong.
on October 23,2013 | 05:22AM
HD36 wrote:
More BS. The Federal Reserve has been printing money and distorting interest rates for five years now. When are they going to realize that buying treasury bonds and mortgage backed securities doesn't create jobs. The Fed will have over $3 trillion on its balance sheet by the end of this year from buying $85 billion a month in government paper. When are they going to realize that they can never end QE without the economy crashing. Well, I think they do realize this and so they may never taper and with Janet Yellen the ultra dove, she may increase the QE to $100 billion a month. This only worlks though if foreignors sop up all the extra debt and hold it in foreign reserves. They're doing the opposite though and the Fed is soping it up. As a result capital destruction is squeezing profit margins and resources are misallocated to the government; which requires ever more debt to operate.
on October 23,2013 | 05:28AM
Maneki_Neko wrote:
3 months of dismal jobs growth.

I remember Obama saying id we spent near billion dollars on shovel ready projects we could keep unemployment under control. It's now six years of few jobs, part time jobs, no increase in income and we still wonder where that billion dollars went.


on October 23,2013 | 09:38AM
pcman wrote:
R Maneki on where's the beef? The money went to his political supporters and their pet projects, like Al Gore, Bill Clinton, Wall Street Kool-Aid drinkers like Buffet and celebrities.
on October 23,2013 | 10:24AM
Bumby wrote:
We the people for the people needs to be revisited. We have 545 people who are our voice running our government. They spend and decide what is best for us 300,000,000 yeah that is 300 million people. The American people are becoming like a herd of sheep. With technology today the people now should be able to have a voice on how our leaders should spend our money. Even if it slows down the decision meaning planning must be done ahead before something gets broken. No last minute dealings that hold the American people hostage. Also with the flick of a pen a group of our leaders can direct money to any country of their choosing to receive aid. Granted American is one of the greatest country to live in however could it be even better? One last thought are we as people better to not be in debt or to be in debt?
on October 23,2013 | 11:13AM
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