US Labor Market Flattening Amid Continued Uncertainty
By: Joe Clark
The Bureau of Labor Statistics’ (BLS) establishment survey showed non-farm employers added 661,000 jobs in September (well below the +894,000 expected). Also, July and August employment changes were revised up by a combined 145,000. Meanwhile, the unemployment rate (based upon the BLS’s household survey) receded (-0.5PP) to 7.9 percent under a combination of rising employment (+275,000) and shrinking labor force (-695,000); concurrently, the labor force participation rate retreated (-0.3PP) to 61.4 percent.