Nonfarm payrolls rose by just 194,000 in the month, compared to the Dow Jones estimate of 500,000. The unemployment rate fell to 4.8%, better than the expectation for 5.1% and the lowest since February 2020.
The seemingly low unemployment rate must be remembered in the context that the size of the labor force is still about 3.1 million workers smaller than at the onset of the pandemic, and that problem worsened in September, with the available workforce declining by 183,000. Those who leave the labor force are no longer considered “unemployed.”
The U-6 unemployment rate, which accounts for discouraged workers in addition to the unemployed, was 8.5% in September.
So poor was the report that CNN didn’t even attempt to spin it. “The economy added way less than anyone expected and less than last month, and the worst of the year,” admitted CNN’s Christine Roman.
This comes less than 24 hours after Biden defended mass firings caused by his COVID vaccine mandate, and blamed the unvaccinated for “damaging the economy.”