According to a report released Thursday by the Bureau of Labor Statistics, in September, the number of jobs created was moving up, even after the delayed report was revised downward. That’s a good sign, but something of a mixed one.
The U.S. economy added substantially more jobs than expected in September, according to a long-awaited report Thursday from the Bureau of Labor Statistics.
Nonfarm payrolls increased by 119,000 in the month, up from the 4,000 jobs lost in August following a downward revision. The Dow Jones consensus estimate for September was 50,000. The July total also was revised down to 72,000, a decrease of 7,000 from the prior release.
In addition to the headline jobs number, the BLS said the unemployment rate edged higher to 4.4%, the highest it’s been since October 2021. A broader measure that includes those not looking for jobs or working part-time for economic reasons edged lower to 8%.
Average hourly earnings increased 0.2% for the month and 3.8% from a year ago, compared to respective forecasts for 0.3% and 3.7%.
The White House was quick to claim credit.
The latest jobs report shattered expectations once again, adding 119,000 new jobs in September as wages grow and more Americans enter the workforce. It’s another step in the right direction as President Donald J. Trump works tirelessly to reverse the Biden-era inflation crisis that brought the country to the brink of economic ruin.
These are, yes, good indicators.
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When it comes to employment, jobs, and the entire working economy, there remains a lot of work to be done. Yes, this jobs report was a good one, but what we don’t see a lot of talk about in the media is the labor force participation rate. That figure has as the denominator the number of Americans over the age of 16 capable of working, with the numerator being those who are actually employed. That’s a vital statistic as well.
Right now, the labor force participation rate hasn’t changed much in the last couple of years. In fact, it has drifted downward a bit in the last 12-24 months. That should be making a few foreheads sweat in the Trump administration, especially when one notes that this key indicator has yet to recover to pre-COVID levels. This needs attention, but if the economy starts to grow at an increased rate, as the influx of investments in American business would indicate, we should start to see this indicator recover as well. It has, as of September, bumped up slightly to 62.4 percent, which is the highest it has been in six months. The labor force itself – again, able-bodied Americans over age 16 – increased as well, to a new record of 171.2 million. If this continues, the participation rate should keep growing, but it’s got a ways to go to get to where it was in 2020. (Note: In 2000, just before the dot-com crash, the labor force participation rate was around 67 percent.)
The September jobs report would seem to point to increasing growth as well. Full-time employment is up by 673,000 while part-time employment actually dropped by 573,000, which (hopefully) indicates some Americans are getting more hours.
So, something of a mixed bag in this report. The Trump administration’s economic gurus would do well to stay focused on that labor force participation rate.
Editor’s Note: The mainstream media continues to deflect, gaslight, spin, and lie about President Trump, his administration, and conservatives.
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