The final jobs report before the election has been released, and while it didn’t meet expectations it has a lot of positive news contained within it.
According to Fox Business:
The U.S. economy added 661,000 jobs in September, suggesting the labor market’s recovery from the coronavirus pandemic is beginning to plateau amid fading government relief money and a gradually growing virus caseload.
It showed the unemployment rate unexpectedly fell to 7.9% from 8.4%. [Emphasis added]
Economists surveyed by Refinitiv expected the report to show that unemployment dropped to 8.2% and the economy added 850,000 jobs.
It’s well below the combined 7.5 million jobs added in May and June before hiring cooled in July, with the growth of 1.9 million positions, and in August, with 1.4 million created. There are still roughly 10.7 million more out-of-work Americans than there were in February before the pandemic hit, according to the report.
Despite the lower numbers economists admitted that then numbers show that the economy is rebounding.