The US economy added only 156,000 jobs in September, the US Department of Labor announced on Friday, a figure likely to be seized on as the presidential race enters its final stretch. The unemployment rate was 5%, up from 4.9% in August. Economists had expected job growth of 175,000 and the unemployment rate to remain unchanged at 4.9%. Job growth has slowed down this year, with the number of jobs added averaging about 178,000 jobs a month. In 2015, on average about 229,000 jobs were added each month. Friday’s report comes after a report released earlier this week by the payroll company ADP found that private companies added just 154,000 jobs last month. This was slowest job growth reported by ADP since April. Yet even as job growth has slowed down, the number of people applying for unemployment insurance has dropped below 250,000 for the second time this year. Last week, 249,000 people applied for unemployment benefits. The number of people currently receiving unemployment benefits is just a little over 2 million – levels last seen in 2000.
- Millennials Mature, U.S. Economy Benefits
- No, the US does not have the ‘slowest growth since 1929’