Economy Created Less Jobs Than Expected In September – Unemployment Falls To 4.8%

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The U.S. economy added jobs in September, but less than expected.

The Bureau of Labor Statistics released key unemployment data on Friday. Non-farm payrolls rose by 194,000, less than half of the expected 500,000. In August, non-farm payroll increased 235,000.

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The labor force participation rate was little changed at 61.6 percent.

Nonetheless, the unemployment rate for September was 4.8%, better than the expected 5.1%. August’s unemployment rate stood at 5.2%.

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Notable job gains occurred in leisure and hospitality, in professional and business services, in retail trade, and in transportation and warehousing.

Employment in public education declined over the month.

The number of long-term unemployed (jobless for 27 weeks or more) dropped by 496,000 to 2.7 million in September. The number is still 1.6 million higher than in February 2020.

 

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