September jobs report shows 194,000 jobs created, compared to the 500,000 estimate. The unemployment rate dropped from 5.2% to 4.8%.
The U.S. economy created jobs at a much slower rate than expected in September. CNBC reported that the unemployment rate fell to 4.8%, the lowest since February 2020. The economic report noted that 194,000 jobs were created, compared to the 500,000 that was previously estimated.
According to the National Federation of Independent Business, “more and more small business owners are struggling to find workers for their open positions.”
“For most small employers, labor costs are the largest operating outlay and owners will be compelled to pass those costs on to their customers by raising prices,” NFIB Chief Economist Bill Dunkelberg said.
Last week, President Joe Biden delivered remarks on the September jobs report. He addressed how it is the first time since March 2020 that the American unemployment rate was below 5%. Biden stated that September’s jobs report, which showed the slowest U.S. job growth of 2021, as a “significant improvement” from when he first took office and a “sign that recovery is moving forward, even in the face of a COVID-19 pandemic.”
Tune in as I deliver remarks on the September jobs report. https://t.co/7VV1sstPeV
— President Biden (@POTUS) October 8, 2021
Elected officials in Mississippi are calling the September jobs report “disappointing” and a “shame,” while Senator Roger Wicker tweeted that it should not come as a surprise.
Weak job growth this month is a shame but it should come as no surprise.
President Biden continues to advance policies that kill jobs and make prices soar.https://t.co/i7NnZs50Bp
— Senator Roger Wicker (@SenatorWicker) October 8, 2021
Senator Cindy Hyde-Smith notes that in addition to the crisis at the border, the aftermath of the withdrawal from Afghanistan, and “Bidenflation,” the President can add an employment crisis to the list.
Yikes… A disappointing September #JobsReport, to say the least. Only a 194k increase, well short of expectations for 500k new jobs. In addition to #Bidenflation, the #BorderCrisis and #AfghanistanCrisis, @POTUS can add #EmploymentCrisis to his list. https://t.co/huDhSnHqDG
— U.S. Senator Cindy Hyde-Smith (@SenHydeSmith) October 8, 2021
Congressman Bennie Thompson, the state’s lone Democrat representative in D.C., retweeted a post that Speaker of the House Nancy Pelosi shared about the September jobs reports. Pelosi said the September jobs report is additional proof of the need for House Democrats’ jobs-creating agenda.
“While historic progress to create jobs, lower unemployment and defeat the pandemic has been forged, more must be done to protect families’ financial security,” Pelosi tweeted.
The September jobs report is additional proof of the need for @HouseDemocrats’ jobs-creating #BuildBackBetter agenda. While historic progress to create jobs, lower unemployment and defeat the pandemic has been forged, more must be done to protect families’ financial security.
— Nancy Pelosi (@SpeakerPelosi) October 8, 2021
BLS reports that “private sector growth was even stronger than those numbers indicate, with an increase of 317,000. But that growth was offset by a weak month in the government sector.”
U.S. Department of Labor Chief Economist Janelle Jones used the Bureau of Labor Statistics’ jobs report to promote Biden’s legislative spending packages.
“The need for bold economic investment is as urgent as ever, and President Biden’s Build Back Better agenda and the bipartisan infrastructure framework can accelerate our path to sustained growth and competitiveness, with focused efforts to lift up communities that have been historically slow to achieve economic stability in the aftermath of a crisis,” Jones said.
You can read the full report here.