Jobs report disappointing, with 194,000 new jobs

New jobs rose by 194,000 in September, a far cry from economists’ estimates of 500,000 and a sharp drop from 366,000 in August and 1.1 million jobs added in July, the Bureau of Labor Statistics reported Friday (October 8).

This latest monthly report reflects the biggest drop in job creation in 2021 and the worst record since December 2020. It’s the second month in a row that headline data has missed forecasts.

Leisure and hospitality led job creation with 74,000 jobs, while professional and business services added 60,000 jobs and retail trade increased by 56,000. In other industries, transportation and warehousing added 47,000 positions; information, 32,000; social assistance, 30,000; manufacturing, 26,000; wholesale 17,000; and construction, 22,000.

See also: US Jobs Report Misses Forecasts in Hiring Downshift

“It’s a pretty deflating report,” said Nick’s Bunker, director of economic studies at the placement site Indeed. “This year has been one of the false dawn for the job market. The demand for workers is high and millions of people want to return to work, but job growth has yet to find its place.

He added that as new cases of COVID-19 continue to decline, the coming months are expected to show higher numbers. “But the reality is that we are still in a pandemic,” Bunker said.

Read more: New jobless claims rise due to worker shortages

The new data was collected in mid-September, when the delta variant of the virus was near its peak. In the weeks that followed, cases and hospitalizations declined in most of the United States

“This report is a peek in the rearview mirror,” Daniel Zhao, economist at the career site Glassdoor, said in a statement. declaration. “There should be some optimism about a re-acceleration in October.”

He added that “the serious imbalance between labor supply and demand” is expected to continue for the time being, as employers face competition for employees.

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