Disappointing Jobs Report - Lower Jobless Rate
By: Administrator
Updated: October 5, 2012
A mixed bag of economic news out of Washington Friday. The Labor Department reported only 114 thousand jobs were added last month, far fewer than is needed to keep the labor market growing but at the same time, the unemployment rate managed to drop to 7.8 percent.
The government says a majority of those jobs were just part time jobs. The U 6 unemployment number, showing those still looking for full time work or who have given up altogether looking for a job, remains high at 14.7 percent, which is unchanged. Despite the drop in the unemployment rate, many analysts were unimpressed and the market didn't rally on the news. Job growth remains tepid and analysts say it would take over 250,000 jobs a month to keep up with the growing labor force.
The government says a majority of those jobs were just part time jobs. The U 6 unemployment number, showing those still looking for full time work or who have given up altogether looking for a job, remains high at 14.7 percent, which is unchanged. Despite the drop in the unemployment rate, many analysts were unimpressed and the market didn't rally on the news. Job growth remains tepid and analysts say it would take over 250,000 jobs a month to keep up with the growing labor force.
