Anemic Job Growth Continues
Job growth continues to sputter—this morning’s jobs report shows that 12.1 million Americans are still out of work.
Going against other economic indicators, the unemployment rate dropped to 7.8 percent. Economists are already looking into the drop, saying it seems to be a statistical fluke, because it doesn’t match up with the sluggish job creation and recent downward revision of GDP growth. Heritage’s J.D. Foster says:
One time out of a hundred, the true figure will be much different than the reported figure. One time out of a hundred for a monthly survey means about once every eight years. What seems to have occurred with the September household survey is the one time in a hundred. The last time the household survey showed such a huge jump in employment was in 1983 during the Reagan-era economic boom. Today’s economy does not look much like the Reagan boom.
The real story, then, from the more reliable employment survey is the economy created a paltry 114,000 jobs, leaving 12.1 million out in the cold. This story is getting old. And the economy has no good news to look forward to.