It looks like the economy will limp into 2014. The September jobs report continues to show improvement, but doesn’t point to robust growth.
Total nonfarm payroll employment rose by 148,000 in September, and the unemployment rate dropped slightly from 7.3 to 7.2 percent, the U.S. Bureau of Labor Statistics (BLS) reported today. Employment increased in construction, wholesale trade, and transportation and warehousing.
Economists were expecting better numbers with the pre-release consensus estimate being in the 180,000 jobs range. According to the BLS, businesses added 126,000 jobs, while federal, state and local governments added 22,000.
Job gains for July and August were revised up by a total 9,000. July’s were revised down to 89,000 from 104,000. August’s were revised up to 193,000 from 169,000.
The report was issued later than usual due to the government shutdown. Jobs lost during the shutdown were not reflected in the September report. Those will be a part of next month’s report.