Investment Updates
Despite Gloomy Jobs Report, The Economic Outlook Remains Bright
Published Friday, October 8, 2021 at: 6:48 PM EDT
The rate of unemployment fell by four-tenths of 1% in September, the U.S. Bureau of Labor Statistics reported Friday, but only 194,000 new jobs were created, far less than the 500,000 expected.
The employment situation report highlighted shifting economic crosscurrents causing turbulence in financial markets. While a lower unemployment rate is, of course, a positive sign – 710,000 people found jobs -- the labor participation rate was stayed at 61.6% in September, 1.7 percentage points lower than before the pandemic hit the nation. That means the supply of U.S. workers is still smaller than before the Covid outbreak in February 2020. A smaller labor force makes for a smaller economy, inhibiting U.S. growth.
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