September Employment: The Wait for Workers Continues

Summary September’s underwhelming 194K gain in payrolls will keep the debate alive on when the FOMC will announce their tapering plans. Hiring was not quite as weak as the headline implied, due to tough seasonal factors in the education sector. But today’s report underscores that labor availability remains the biggest challenge to hiring right now. The labor force participation rate fell in September, while the unemployment rate tumbled to 4.8. With businesses still struggling to find workers, average hourly earnings rose 0.6%. Payrolls Disappoint Amid Stagnant Labor Supply The end of emergency unemployment insurance and kids returning to campus this September was not the silver bullet for the jobs recovery many hoped for. Hiring came in well-short of expectations for a second straight month, with employers adding 194K jobs compared to an upwardly revised 366K gain in August. Even with the upward revisions to the prior two months, the trend has slowed markedly from earlier this summer. READ FULL ARTICLE>>