Delayed Jobs Report Shows Underwhelming Growth

By Toni Vranjes

October 22, 2013

The employment report for September is finally out, and it reveals that job gains were well below economists’ predictions.

Job growth for the month totaled 148,000, while the unemployment dropped from 7.3 percent to 7.2 percent. The consensus expectation was 180,000 new jobs, according to IHS Global Insight.

down_arrow_7_pt_2The Labor Department released the monthly report later than usual because of the government shutdown.

In an analysis of the report, IHS economist Doug Handler wrote: “With only 148,000 new jobs added in September, this employment report showed that the economy was in a mediocre condition just prior to the shutdown.”

However, Handler also noted a positive element of the report: the jobs gains were spread among many different industries. Retail trade added nearly 21,000 jobs, and construction employment increased by 20,000. He also cited the addition of 29,000 new education jobs at the state and local government level.

Meanwhile, the new report also shows revisions to job numbers for July and August, revealing a total of 9,000 more jobs than the government had previously reported.

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