A Surprisingly Weak Jobs Report

· Our economy only created 194k new jobs last month which was much weaker than 500k expected.
· There were upwards revisions totaling 169k more jobs created in July and August.
· The private sector added 317k jobs, but government jobs fell by 123k.
· The household survey showed there were 526k job creations and the labor forced dropped by 183k.
· Thus, the unemployment rate dropped from 5.2% to 4.8%.
· The U6 unemployment rate dropped from 8.8% to 8.5%.
· There was 6 million people not counted in the workforce who have lost their unemployment benefits but have not started looking for work yet. If all these people enter the workforce at once and don’t start new jobs the unemployment rate could soar.
· Another concern is the vaccine mandates could increase job losses and raise the unemployment rate.
· Average weekly earnings were up 1.2% last month and are up 4.6% year over year.