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166,000 Jobs Added in September
This past month of September, 166,000 jobs were added to the economy. Realistically, that it just a drop in the bucket relative to what we need as a nation to get back on our feet. The threat and actuality of the government shutdown has only worsened the situation.
According to payroll company ADP (automatic data processing, Inc.) “161,000 jobs were added in July and 159,000 jobs were added in august.” The numbers have been a disappointment since analysts across the board expected the job market to reach higher estimates. ADP notes that the “economy is growing too slowly to rapidly boost hiring.” Financial analysts from Deutsche bank forecasted a slowing of growth still positive in trajectory, but with a more meager slope, a 1.5 percent expansion to 2 percent. Two examples of details of the happenings inside the numbers show that construction firms have reportedly added 16,000 jobs, while financial services firms shed 4,000 jobs.
According to ABC News, the government shutdown is a hindrance. While the Labor Department’s September jobs report will be published on Friday, analysts expect the report to comment on how the United States’ unproductive economy is simply growing at a problematic and slow pace, and how employment openings are few and the economy is sluggishly trudging along without much hiring.
In terms of good news, the decline in the unemployment rate has also been made evident by a continuous creation of new jobs. People around the country who need those jobs will certainly be glad to hear that. Analysts note that job growth is constant, but slow.
If the current government shutdown continues into next week economic growth will be forced to grow even more slowly than it already has been doing since the previous months. That is certainly not good news for anyone, not small business, not students, not retirees, and certainly not entrepreneurs with great ideas.
Economists were hoping that job growth would greatly increase from October into December but the longer the shutdown the more the economy will weaken and those hopes will become unrealistic. So long as congress is unable to reach an agreement about budget concerns, the longer the American people will suffer.
Image Credit: edudemic