Unemployment Hits 5-Year Low, But Hiring Slows
The nation’s unemployment rate for September fell to its lowest level since November 2008, but the economy gained fewer jobs than forecast.
The jobless rate hit 7.2 percent last month as 73,000 people joined the labor force and 133,000 said they got jobs, according to the U.S. Labor Department.
But employers added just 148,000 jobs in September, well below both the Wall Street forecast of 175,000 jobs and the August gain of 193,000 jobs. Job growth has slowed from about 195,000 a month in the first half of 2013 to about 143,000 in the third quarter, too meager to help most of the 11.3 million people who are still unemployed.
The disappointing growth could deter the Federal Reserve from cutting back on its $85 billion a month in bond purchases. The Fed meets next week.
September job growth was led by retail trade, transportation and warehousing, and temporary-help industries, with each sector adding more than 20,000 positions. The weakest industry results came in leisure and hospitality, where 13,000 jobs were lost.
The September report was delayed 18 days due to the partial federal government shutdown. The economic impact from the shutdown won’t be apparent until the October jobs report is released Nov. 8.
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U.S. Jobless Rate Edges Up; 175K Jobs Added
U.S. Job Growth Tops Expectations
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