News / Economy

US Adds 148K Jobs, Unemployment Falls to 7.2 Percent

US Adds 148K Jobs, Unemployment Falls to 7.2 Percenti
X
October 22, 2013 11:25 PM
U.S. businesses added a modest 148,000 jobs in September, far short of the 180,000 analysts were expecting. Still, job gains were enough to lower the unemployment rate to 7.2 percent, the lowest in nearly five years. But as Mil Arcega reports, the first jobs report since the government shutdown suggests the U.S. economy may be losing steam.
U.S. businesses added a modest 148,000 jobs in September, far short of the 180,000 analysts were expecting.  Still, job gains were enough to lower the unemployment rate to 7.2 percent, the lowest in nearly five years.  But, the first jobs report since the government shutdown suggests the U.S. economy may be losing steam.

Concerns about the tepid U.S. recovery may be hurting the job market.

And the political strife in Washington that led to the first government shutdown in 17 years didn’t help, says economist Gus Faucher at PNC Financial Services.

"So they've been reluctant to hire, and also I think you have concerns about the health care law that might be weighing on hiring as well," said Faucher.

Despite the smaller than expected job gains in September, fewer Americans filed for unemployment benefits, helping to bring the nation’s unemployment rate to its lowest level in nearly five years.

Stocks rose on Wall Street after the release of the government report.

Economist Michael Strain at the conservative American Enterprise Institute says that’s because the modest job growth means the U.S. central bank will be less likely to scale back its bond purchases.

“The likelihood of the Fed tapering in 2013 is pretty close to zero in my opinion," said Strain.

The Fed has been buying $85 billion in government bonds and securities every month to keep interest rates low and encourage consumers and businesses to spend.  Strain doesn’t see the U.S. economy recovering fast enough for the Federal Reserve to change course this year.
 
He acknowledges the Congressional bickering in Washington has hurt the U.S. economy, but he says it has nothing to do with the job slowdown in September.

“The survey week for the data was the middle of September which was before the shutdown and the debt ceiling debate really heated up. So if we’re going to see anything related to the shutdown or the debt ceiling, it would probably be in October’s numbers," said Strain.

On the bright side, construction jobs rose by 20,000 suggesting the housing market continues to rebound.   And government increased hiring by roughly 22,000 jobs last month.

Analysts expect more volatility in the job numbers when October’s employment report comes out -  just a little more than two weeks from now.

You May Like

UN: 1 Million Somalis at Risk of Hunger

Group warns region is in dire need of humanitarian aid, with at least 200,000 children under age of five acutely malnourished as drought hits southern, central part of nation More

Human Rights Groups Allege Supression of Freedoms in Thailand

Thailand’s military, police have suppressed release of independent report assessing human rights in kingdom during first 100 days of latest coup More

Jennifer Lawrence Contacts FBI After Nude Photos Hacked

'Silver Linings Playbook' actress' photos were posted on image-sharing forum 4chan; Federal Bureau of Investigations is looking into matter More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Ukraine Schools Resume Classes, Donate to Government Forcesi
X
September 02, 2014 12:58 PM
A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video Ukraine Schools Resume Classes, Donate to Government Forces

A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video US Detainees Want Negotiators for Freedom in North Korea

The three U.S. detainees held in North Korea were permitted to speak with foreign media Monday. The government of Kim Jong Un restricted the topics of the questions, and the interviews in Pyongyang were limited to five minutes. Each of the men asked Washington to send a representative to Pyongyang to secure his release. VOA’s Carolyn Presutti has our story.
Video

Video Internet, Technology Offer New Tools for Journalists

The Internet and rapidly evolving technology is quickly changing how people receive news and how journalists deliver it. There are now more ways to tell a story than ever before. One school in Los Angeles is teaching the next generation of journalists with the help of a state-of-the-art newsroom. Elizabeth Lee has this report.
Video

Video Turkmen From Amerli Describe Survival of IS Siege

Over the past few weeks, hundreds of Shi'ite Turkmen have fled the town of Amerli seeking refuge in the northern city of Kirkuk. Despite recent military gains after U.S. airstrikes that were coordinated with Iraqi and Kurdish forces, the situation remains dire for Amerli’s residents. Sebastian Meyer went to Kirkuk for VOA to speak to those who managed to escape.
Video

Video West Africa Ebola Vaccine Trials Possible by Early 2015

A U.S. health agency is speeding up clinical trials of a possible vaccine against the deadly Ebola virus that so far has killed more than 1,500 people in West Africa. If successful, the next step would be a larger trial in countries where the outbreak is occurring. VOA's Carol Pearson has more.
Video

Video Survivors Commemorate 70th Anniversary of Nazi Liquidation of Jewish Ghetto

When the German Nazi army occupied the Polish city of Lodz in 1939, it marked the beginning of a long nightmare for the Jewish community that once made up one third of the population. Roughly 200,000 people were forced into the Lodz Ghetto. Less than 7,000 survived. As VOA’s Kane Farabaugh reports, some survivors gathered at the Union League Club in Chicago on the 70th anniversary of the liquidation of the Lodz Ghetto to remember those who suffered at the hands of the Nazi regime.
Video

Video Cost to Raise Child in US Continues to Rise

The cost of raising a child in the United States continues to rise. In its latest annual report, the U.S. Department of Agriculture says middle income families with a child born in 2013 can expect to spend more than $240,000 before that child turns 18. And sending that child to college more than doubles that amount. VOA’s Deborah Block visited with a couple with one child in Alexandria, Virginia, to learn if the report reflects their lifestyle.
Video

Video Chaotic Afghan Vote Recount Threatens Nation’s Future

Afghanistan’s troubled presidential election continues to be rocked by turmoil as an audit of the ballots drags on. The U.N. says the recount will not be completed before September 10. Observers say repeated disputes and delays are threatening the orderly transfer of power and could have dangerous consequences. VOA correspondent Meredith Buel reports.

AppleAndroid

World Currencies

EUR
USD
0.7537
JPY
USD
103.79
GBP
USD
0.6032
CAD
USD
1.0957
INR
USD
60.522

Rates may not be current.