Just 194K Jobs Added In September Versus 500K Expected, Unemployment Rate Falls, Wages Rise (Mighty Biden Strikes Out)


Like the poem, Casey At The Bat, the US economy struck out with a shockingly bad jobs report for September.

Oh, somewhere in this favored land the sun is shining bright;
The band is playing somewhere, and somewhere hearts are light,
And somewhere men are laughing, and somewhere children shout;
But there is no joy in Mudville USA—mighty Casey Biden has struck out.

The U.S. economy added fewer jobs than forecast for a second straight month in September. Nonfarm payrolls increased by just 194,000 last month after an upwardly revised 366,000 gain in August, Labor Department figures showed Friday. 500K was expected.

The U-3 unemployment rate declined to 4.8% (meaning that the labor force shrank due to people dropping out of the labor force). In fact, 338,000 people dropped out of the labor force.

Average hourly earnings YoY rose to 4.6%. While that is an improvement, but it is lower than the inflation rate of 5.25% YoY and house price inflation of 20% YoY.

This miserable jobs report is a victory for Fed doves that don’t want to raise rates or slow down the balance sheet growth.

Where were the jobs created? Leisure and hospitality, as usual, leads in job gains.

Mighty Biden’s economic policies have struck out. Good night, Irene.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.