Economists React to the September Jobs Report: ‘Stubbornly Average’

Economists React to the September Jobs Report: ‘Stubbornly Average’

The September jobs report is in, and there is no indication to major improvements nor drastic downfalls. It outlined that 156,000 jobs were added compared to the 167,000 jobs in August. The good news is that there has been an increase in the amount of job openings, and people are taking advantage. It was reported in July by the Bureau of Labor Statistics that there were 5.871 million openings. However, because more people are looking for work the unemployment rate increased to 5% compared to the 4.9% that was expected. Nela Richardson, chief economist at Redfin commented on the report, “A blah September jobs report gives no impetus for anything on the economy’s to-do list: There’s no sign of an overheating economy that would justify a rate hike; no ground swell of construction hiring that would finally hint at a return to a normal pace of housing starts; no big wage gains that would give hope for renewed productivity gains. Just a stubbornly average report at a time when the economy is looking for a jolt of the spectacular.” The report does not point to any real progress, and produces more of the same from what we have been seeing.

Check out more here!

No comments yet.

Leave a Reply