Despite Gloomy Jobs Report, The Economic Outlook Remains Bright

Published Friday, October 8, 2021 at: 6:48 PM EDT

The rate of unemployment fell by four-tenths of 1% in September, the U.S. Bureau of Labor Statistics reported Friday, but only 194,000 new jobs were created, far less than the 500,000 expected. 

The employment situation report highlighted shifting economic crosscurrents causing turbulence in financial markets. While a lower unemployment rate is, of course, a positive sign – 710,000 people found jobs -- the labor participation rate was stayed at 61.6% in September, 1.7 percentage points lower than before the pandemic hit the nation. That means the supply of U.S. workers is still smaller than before the Covid outbreak in February 2020. A smaller labor force makes for a smaller economy, inhibiting U.S. growth. 

To Read the Full Story, Subscribe or
This article was written by a professional financial journalist for Meg Green & Associates. and is not intended as legal or investment advice.

©2021 Advisor Products Inc. All Rights Reserved.