What sounds like the tag line of a lame Nicolas Cage action movie (redundant?) actually describes the change in the number of jobs created since last month, according to the Bureau of Labor Statistics, which released September’s Employment Situation Report this morning.
Here’s a summary:
- Nonfarm payroll employment increased by 103,000 in September; however, that number includes the return to payrolls of about 45,000 [Verizon] telecommunications workers who had been on strike in August.
- The private sector added 137,000 jobs in September, with health care and education leading the growth, while local government shed 35,000 jobs, including 24,400 in public education.
- The number of unemployed persons was relatively unchanged at 14 million and the unemployment rate held at 9.1 percent.
- The number of long-term unemployed (those jobless for 27 weeks and over) was 6.2 million in September.
- Since April, payroll employment has increased by an average of 72,000 per month, compared with an average of 161,000 for the prior seven months.
While it’s nice to see that jobs were actually added this month (and even surpassed economists’ predictions of around 55,000), 103,000 still falls far short of the around 200,000 jobs needed each month just to fuel growth.
But before I become too much of a Debbie Downer, I’ll just reiterate White House blogger Katherine Abraham’s advice to “not to read too much into any one monthly report.” Done and done, Katherine.