Continued fear of COVID-19 and an ongoing shortage of workers is being blamed for the awful September jobs report released on Friday. A CNBC report says the numbers were less than half of what was projected.
According to the Wall Street Journal, 194,000 jobs were created in September. That is the smallest gain since December of 2020, and lower than the 366,000 created in August.
The unemployment rate fell from 5.2% last month to 4.8%. And while the Biden administration may glom onto that number, the jobs report shows that many Americans gave up looking for work and exited the job force.
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The numbers from the jobs report made Wall Street a bit jittery. Senior economist at Capitol Economics Michael Pierce said, “This was the time when a lot of people were expecting labor shortages to be getting better but in fact they’re getting worse. It’s a pretty worrying situation.”
Many employers are offering increased wages and other incentives, but clearly there are larger problems.
The abysmal jobs report even had some in the business and money media surprised. On CNBC’s “Squawk Box,” host Steve Liesman looked at the numbers and seemed to be surprised by what he saw.
He appeared visibly stunned when he read the actual numbers live on-air.
Watch:
Liesman explained the situation thus:
“It was definitely a weaker number than expected. Nothing really going on in leisure and hospitality. Declines in nursing. Where else do we have any declines? Not really any big declines here, just not, Becky, the numbers that you need to put people back to work right now. September now coming in weaker than August … and I think that’s the big story here.”
In August, when job numbers also missed the expected mark, Liesman called it “a big miss.”
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The September jobs report is nothing new. It is a continuation of the August jobs report. Axios reported at the time that the August numbers produced “meager” additions and “indicated a massive slowdown” in Joe Biden’s economy.
If those numbers indicated a massive slowdown, September’s numbers are cause for serious alarm.
While August was already a pretty good indication that Biden economic policies were not working, the poor numbers were blamed on the pandemic, specifically the Delta variant surge of COVID-19.
Even the liberal media had a hard time propping up the numbers and used words like “terrible news,” “really weak,” “big miss,” and “disappointment.”
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