Worker Worry

US employers added a disappointing 194,000 seasonally adjusted jobs in September. Worse, the unemployment rate declined because 183,000 persons left the labor force, it’s now 3.1 million people smaller than pre-Covid-19. Fortunately, July and August were collectively revised upwards by 169,000, and the workweek surged from 34.6 hours to 34.8. While employer demand is strong, supply-chain problems, Hurricane Ida, slow K-12 re-openings, and Delta variant hurt. 21Q4 should be better.

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