Payroll employment rose by 103,000 in September with the unemployment rate holding steady at 9.1% according to a Bureau of Labor Statistics report released this morning. Although this growth represents an improvement , it remains well below levels needed to drive down unemployment.
The growth was driven by an increase of 137,000 private sector jobs, more than offsetting the 34,000 public sector jobs lost. The increase in employment reflects the return of 45,000 Verizon workers who were on strike in August, which makes the real growth 58,000 jobs.
July and August growth were both revised up from 85,000 to 127,000 and from 0 to 57,000 respectively.
September’s job growth, although positive, remains weak. When accounting for the 45,000 Verizon workers returning to work, the level of 58,000 new jobs is well below the Q1 average of 191,000 as well as the Q2 average of 138,000. This report is consistent with an economy that has not slipped into a recession, but remains stagnant.
Read the release.