The moment everybody had been waiting for came and went early this Friday morning as the September jobs report came out and proved to be just as much a disappointment as many had feared.
This latest data proves that the issue’s the United States continues to face are more than a fluke as some had hoped… And as Democrats continue to blame the pandemic for the string of disappointing jobs reports we’ve seen recently; Republicans seem to think there may be more to it than that.
Join us today as we reflect on Friday’s latest jobs data and the responses coming out of D.C.
Today’s Updates
Friday morning was the highly anticipated moment of the past week as many economists and traders were eager to see whether or not the Biden administration’s economic plan had been successful in lifting our current jobs market out of its most recent hiring slump. After a few months of disappointing results, some economists had anticipated that the September jobs report could show that as many as 500,000 new jobs had been added to the market over the past month.
Well, as has become the norm as of late, the release of the actual report was met with disappointment yet again as data shows the dismal results of 194,000 jobs added… Obviously significantly lower than anticipated.
With some Republican lawmakers stating that this latest jobs report has set the record for being the “worst of the year,” claiming that today’s newly available report is simply a “disaster” as the likes of labor force participation and wages fall while prices continue to rise.
Sitting down with Fox Business this Friday, Labor Secretary Marty Walsh placed the blame at the doorstep of the Covid-19 pandemic, saying that, “Overall, when you look at the 4.8% unemployment rate, you know, and what’s happened since the beginning of this year, we’ve added almost five million jobs, the economy is about 500,000 average over the last three months… But certainly, we know we have work to do. I think a lot of people are looking at, are they going to make a career change? They’re looking at their work-life balance to change. Also, I think people are still concerned about the pandemic and the delta variant.”
This argument, however, holds very little weight for D.C. Republicans as the list of conservative lawmakers sending out messages of concern over Friday’s report only continues to grow.
Learn More Here…
If you’re interested in getting further info on today’s latest market updates and how they could impact your investments going forward, we encourage you to sit down for the latest episode of Ask the Pros where host Celeste Lindman and her gathered panel of market professionals dive into their takes on these and other current market-changing events.
P.S. – If you’d like to learn how you could start making money while the world sleeps, then be sure to mark your calendar on Monday, October 11th at 1pm ET as this 20 year trading veteran prepares to reveal it all!