The Epoch Times reports:
The Labor Department’s jobs report, released Oct. 8, shows that non-farm payroll employment rose by a paltry 194,000 last month, down from last month’s upwardly revised 366,000 and far below the FactSet-provided consensus forecasts of 500,000.
“The latest snapshot of the job market is a bit of a bad news, good news affair,” Bankrate senior economic analyst Mark Hamrick said in an emailed statement to The Epoch Times.
“It delivered a surprisingly weak payrolls number,” Hamrick said, adding, “at the same time, the nation’s unemployment rate slipped four-tenths to a pandemic era low of 4.8 percent.”
The total number of unemployed persons fell by 710,000 to 7.7 million, the report showed. While that’s considerably lower than the pandemic-era high, it remains elevated compared to the 5.7 million just prior to the outbreak.
Leisure and hospitality, including bars and restaurants, generated only 74,000 jobs, a result that’s below expectations. There was also weakness in local government educations jobs, which fell by 144,000 last month despite schools reopening.
There was relative strength in manufacturing, which added 27,000 jobs, and transportation and warehousing saw a jobs boost of 47,000 positions.
Overall, government payrolls fell by 123,000 jobs in September, which was offset by an increase of 317,000 in private payrolls.
The labor force participation rate, which is a measure of people working or actively looking for work, remained little changed at 61.6 percent, a historically depressed level. In February 2020, the labor force participation rate stood at 63.6 percent, with a historical peak of 67.3 percent in April 2000.
The article does note that the top ten states leading the economic recovery all have Republican governors. The article also notes that generally speaking red states have dominated the economic recovery.
The article also includes the White House attempt to spin the bad news:
White House Chief of Staff Ron Klain took to Twitter to defend President Joe Biden’s record on job creation.
“The unemployment rate is now down to 4.8 percent—in just eight months. We’ve created 2x more jobs under @POTUS in his first nine months than any administration in history,” Klain wrote.
Besides painting a dim view of the vigor of the labor market recovery, the lackluster jobs report could also delay an expected decision by the Federal Reserve to begin scaling back monetary support before the end of the year.
The labor market remains a key touchstone for the Fed, with Federal Reserve chair Jerome Powell repeatedly hinting that reaching full employment was a pre-requisite for the central bank to start trimming asset purchases.
Investors are looking for clues as to when the Fed will initiate the much-anticipated rollback of its massive $120 billion in monthly purchases of Treasury and mortgage securities, one of the crisis support measures the central bank deployed last year to help lift the economy from the pandemic recession.
If you are still looking for truth in the mainstream media, you are going to be on a long search.