For the second month in a row, the number of actual new jobs nationally has come in below what many experts predicted.
According to the latest Bureau of Labor Statistics report, around 194,000 new jobs were created in September, significantly less than the anticipated 400,000 for the month.
Across the board, most sectors saw a somewhat lethargic gain in jobs, with hospitality and leisure employment up by only 74,000, compared to its average monthly gain earlier this year of 197,000.
The construction industry posted 22,000 new jobs in September, with nonresidential construction firms adding new employees for the first time since the spring of this year.
Residential construction, meanwhile, saw an addition of 3,600 jobs in September.
Overall, total construction employment is now at 7.4 million, around 201,000 less than where the industry stood in February of 2020, the month before the Covid-19 outbreak.
In an interview with the Associated Press, Nick Bunker, economic research director at the Indeed Hiring Lab, remarked: “One optimistic interpretation is that Covid-19 case counts are receding, so future months should be stronger. But the reality is that we are still in a pandemic.”
The larger trend lines look more positive.
The nation’s unemployment rate in September stood at 4.8%. In April of 2020, when the full brunt of the Covid-19 outbreak and national economic shutdown was being felt, that number stood at 14.8%.
By Garry Boulard
