September wasn't exactly the robust month for hiring that many had expected and hoped for. Here are five takeaways from the September jobs report.
FILE - In this Sept. 22, 2021 file photo, a hiring sign is placed at a booth for prospective employers during a job fair in the West Hollywood section of Los Angeles. U.S. job growth slowed sharply last month as the highly contagious delta variant disrupted economic activity and employers struggled to find workers.
With the delta variant still disrupting the economy and employers struggling to find enough workers, the gain for the month amounted to 194,000 jobs — not even half of what economists had expected. In August, the economy had added a modest 366,000 jobs. Taken together, hiring for the past two months marked a steep drop-off from the 962,000 jobs that were added in June and the 1.1 million in July.
In normal times, 194,000 jobs would be considered a decent monthly gain. But as Robert Dye, chief economist at the Comerica banking company, noted: “These are not normal times. A further disappointing result in October would suggest that this is a fundamentally different labor market than what we thought a few months ago.”From January through July this year, employers had added a sizzling average of more than 640,000 jobs a month. Then delta hit.
Economists don’t know exactly why so many Americans have chosen to stay on the labor market sidelines even as demand for workers surges. Some may have lingering fears about becoming infected while handling public-facing jobs. Likewise, supply shortages, caused mainly by the unexpected speed with which the economy rebounded from last year’s coronavirus recession, have prevented companies from being able to operate at full strength.September’s overall hiring was pulled down by the loss of 144,000 jobs at local public schools. The drop, however, reflected the way the Labor Department adjusts the numbers to account for seasonal fluctuations.
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