Bluefield Daily Telegraph, Bluefield, WV

National and World

October 22, 2013

US employers add 148K jobs; rate falls to 7.2 pct.

WASHINGTON — The U.S. economy added just 148,000 jobs in September, suggesting that employers held back on hiring before a 16-day partial government shutdown began Oct. 1.

Still, hiring last month was enough to lower the unemployment rate. The Labor Department said Tuesday that the rate fell to 7.2 percent from 7.3 percent in August. Unemployment remains historically high but is near a five-year low and is down from 7.9 percent at the start of 2013.

Tuesday’s release of the September jobs report had been delayed 2 1/2 weeks by the shutdown, which likely further depressed economic growth and hiring. Temporary layoffs of federal workers and government contractors will probably lower October’s job gain.

Many economists say they won’t have a clear reading on hiring and unemployment until the November jobs report is issued in early December.

The economy has added an average of 143,000 jobs a month from July through September, weaker than the 182,000 added from April through June.

The department revised its estimates of job growth in July and August to show a net gain of 9,000 jobs. It said employers added 193,000 jobs in August, more than the 169,000 previously estimated. But it said just 89,000 were added in July, the fewest in more than a year and below the previously estimated 104,000.

“We continue to create just enough jobs to lower the unemployment rate,” Dan Greenhaus, chief global strategist for BTIG, an institutional brokerage.

Stock futures rose after the report was released at 8:30 a.m. Eastern time. The weaker job figures make it more likely that the Federal Reserve will maintain its level of bond purchases for the rest of this year. The bond purchases are intended to lower long-term interest rates and boost borrowing and spending.

High unemployment has discouraged many Americans from looking for work. The percentage of Americans working or looking for work remained at a 35-year low in September.

There were some positive aspects in the September jobs report. Several higher-paying industries added jobs at a healthy pace. Construction firms gained 20,000 positions. Government boosted payrolls by 22,000. Transportation and warehousing gained 23,400 jobs.

And average hourly pay ticked up 3 cents to $24.09. In the past year, hourly pay has increased 2.1 percent, ahead of the 1.5 percent inflation rate.

The deceleration in job growth was a key reason the Fed decided in September to hold off on slowing its $85-billion-a-month in bond purchases. Many economists think the lack of clean data will lead the Fed to put off any decision on the bond purchases until 2014.

Many economists say the shutdown cut $25 billion out of the economy and slowed growth to about a 2 percent annual rate in the October-December quarter. That’s down from estimates before the shutdown that the economy would expand at a 2.5 percent annual rate.

But growth will likely be a bit higher in the first three months of next year, as consumers and businesses make purchases and investments that were delayed during the shutdown.

 

1
Text Only
National and World
  • Denver has nation’s first county fair to allow pot competitions

    Marijuana joined roses and dahlias Friday in blue ribbon events at the nation’s first county fair to allow pot competitions.
    This weekend’s Denver County Fair includes a 21-and-over “Pot Pavilion” where winning entries for plants, bongs, edible treats and clothes made from hemp are on display.
    There’s no actual weed at the fairgrounds. Instead, fairgoers will see photos of the competing pot plants and marijuana-infused foods. A sign near the entry warns patrons not to consume pot at the fair.

    August 1, 2014

  • House GOP weighs tough new immigration bills

    August 1, 2014

  • Poll: Foreign policy no longer Obama strong point

    August 1, 2014

  • US employers add 209K jobs, rate rises to 6.2 pct.

    August 1, 2014

  • Thousands rally for coal

    The echo of people chanting, “Hey, hey, EPA, don’t take our jobs away” could be heard in downtown Pittsburgh, Pennsylvania, on Thursday.
    The voices came from about 5,000 United Mine Workers of America (UMW) members and their families along with other unions such as the Boilermakers Union and the Brotherhood of Electrical Workers International (IBEW) marching through the streets.

    August 1, 2014

  • West Africa Ebola outbreak tops 700 deaths

    Security forces went house-to-house in Sierra Leone’s capital Thursday looking for Ebola patients and others exposed to the disease as the death toll from the worst recorded outbreak in history surpassed 700 in West Africa.
    U.S. health officials urged Americans not to travel to the three countries hit by the medical crisis:  Guinea, Sierra Leone and Liberia.

    July 31, 2014

  • Sunburn isn't the only sign of summer that can leave you itchy and blistered

    You've got a rash. You quickly rule out the usual suspects: You haven't been gardening or hiking or even picnicking, so it's probably not a plant irritant such as poison ivy or wild parsnip; likewise, it's probably not chiggers or ticks carrying Lyme disease; and you haven't been swimming in a pond, which can harbor the parasite that causes swimmer's itch.

    July 31, 2014

  • The virtues of lying

    Two computational scientists set out recently to simulate the effects of lying in a virtual human population. Their results, published in the Proceedings of the Royal Society B, show that lying is essential for the growth of a cohesive social network.

    July 31, 2014

  • lockport-police.jpg Police department turns to Facebook for guidance on use of 'negro'

    What seems to be a data entry mistake by a small town police department in western New York has turned into a social media firestorm centered around the word "negro" and whether it's acceptable to use in modern society.

    July 31, 2014 3 Photos

  • Screen Shot 2014-07-31 at 2.12.55 PM.png VIDEO: Five-year-old doesn't want her brother to grow up

    Sadie, an adorable 5-year-old from Phoenix, wants her brother to stay young forever, so much so that her emotional reaction to the thought of him getting older has drawn more than 10 million views on YouTube.

    July 31, 2014 1 Photo

Local News
AP Video
Congress Approves Iron Dome Funding Raw: House OKs Bill for Border Crisis Funds Rare Whale Fossil Pulled From Calif. Backyard Denver Celebrates Pot at the County Fair Escaping Email: Inspired Vision or Pipe Dream? Obama Calls on Hamas to Release Israeli Soldier Hispanic Caucus Slams GOP for Border Bill Shifts Obama: GOP Not Even Trying to Solve Immigration Emory Prepares to Treat American Ebola Cases US Employers Add 209K Jobs, Rate 6.2 Pct House GOP Optimistic About New Border Bill Four Rescued From Crashed Plane Clinton Before 9-11: Could Have Killed Bin Laden Couple Channel Grief Into Soldiers' Retreat WWI Aviation Still Alive at Aerodrome in NY Raw: Woman Who Faced Death Over Faith in N.H. Russell Simmons, LL Cool J Visit Youth at Jail Raw: Obama Gets Hug From Special Olympian US, UN Announce Deal on Gaza Cease-Fire Despite Moratorium, Detroit Water Worries Remain
Sister Newspapers' News