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103,000 Jobs Added, Unemployment Holds At 9.1%

The United States added 103,000 jobs in September, which was more than what economists expected (Bloomberg News' survey put the increase at 60,000). Unemployment is still at 9.1%, which is what it was in August.

The Wall Street Journal breaks down the news, "Nonfarm payrolls rose by 103,000 in September as the private sector added 137,000 jobs, the Labor Department said Friday in its survey of employers. Payrolls data for the previous two months were revised up by a total 99,000 to show 57,000 jobs were added in August and 127,000 jobs in July. However, the September payrolls data was boosted by a one-time event: 45,000 telecom workers returning to their jobs following a strike at Verizon Communications Inc. in August."

And economists aren't sure if more jobs will be coming: Bernard Baumohl, chief economist at the Economic Outlook Group, told the NY Times, "Given the complete lack of clarity as to what the economic outlook will be and the uncertainty about what’s going on in Europe and the political paralysis in Washington, there is not much of an economic justification for employers to suddenly ramp up hiring." In order for the unemployment rate to drop to 8.1%, one tells Bloomberg News that job increases of 200,000/month are needed over a year.

President Obama has been trying to drum up support for his American Jobs Act, which economists think would help the country avoid another recession. Democrats have offered a plan to tax those making over $1 million 5.6% to finance the act, but the Republicans have problems with that.

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Comments [rss]

  • xXxMExXx

    I’d bet this estimate will be corrected downward next month...

  • faizon325

    The last two months where estimated up not down . And those temp positions are calculated into the equation.

  • 47k of those jobs were Verizon workers going back to work after the strike. Don't believe the cnbc hype.

  • "Lies, damned lies, and statistics"  -- Benjamin DisraeliIn

    During the spring of 2010 they were crowing about the "huge" reduction in unemployment.  They didn't tell you that the Feds hired 500k temp workers for the Census.....most of whom worked for less than a month.

  • Truth.

  • colonelcasey

    Or companies ramping up for holiday sales with temporary positions.

  • Colonel_Ingus

    Oh this is the place for intelligent economic discussion!

  • imadick

    it beats going down to the echo chamber of liberty park.
    or the other echo chamber of the yale club or the corporate fat-cat strip club for old white men

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