The U.S. economy added 142,000 jobs in September
The U.S. economy added a lackluster 142,000 jobs in September, the Bureau of Labor Statistics reported on Friday. That's below the 173,000 initially reported for August, though it's above the threshold economists say is necessary to keep up with population growth. Unfortunately, the latest findings also revised the August numbers down to 136,000, and the July numbers down to 223,000 from 245,000.
The unemployment rate remained unchanged at 5.1 percent. More discouraging was labor force participation (in many ways a more important metric) which dropped from 62.6 to 62.4 percent. Wage growth, meanwhile, is probably the best indicator for whether the economy is employing as many people as it possibly could be, and it's still flat at 2.2 percent.
Job gains averaged 167,000 over the last three months. To close the hole in the economy left by the Great Recession by the summer of 2017, we need to average 246,000 a month.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.
-
Why are home insurance prices going up?
Today's Big Question Climate-driven weather events are raising insurers' costs
By Joel Mathis, The Week US Published
-
'All too often, we get caught up in tunnel vision'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
2024: the year of legacy media failures
In the Spotlight From election criticism to continued layoffs, the media has had it rough in 2024
By Justin Klawans, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published