Jobs report disappoints estimates with 194k new jobs, 0.4 decrease in unemployment
The United States’ jobs report saw over 194,000 new nonfarm payrolls in the month of September. However, economists surveyed by Refinitiv expected to see 500,000 new jobs.
September was also the first month without the $300 per week in supplemental unemployment benefits. Yet, unemployment only dropped by 0.4%. Those same economists expected it to drop by over 5%. There are still 7.7 million unemployed Americans.
President Biden reacted to the report in a press conference Friday. According to him, the report showed improvement. “In total, the job creation in the first eight months of my administration is nearly five million jobs,” Biden said. “Jobs up, wages up, unemployment down. That’s progress.”
Meanwhile, the U.S. Bureau of Labor Statistics also reported that Americans born in the early 80’s with are working from home more. The higher the education level, the more likely they were to work from home.
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