US adds 114,000 jobs in Sept as jobless rate falls to 7.8%

05 October 2012 15:04  [Source: ICIS news]

WASHINGTON (ICIS)--The US economy added 114,000 jobs in September, the Labor Department said on Friday, and the nation’s unemployment rate fell to 7.8% from the August reading of 8.1%.

The jobs gain last month was about what most economists had been expecting, with estimates ranging from a low of 100,000 to a high of 130,000 new hires.

The September jobs gain also marked an improvement from the mediocre 96,000 new hires reported for August.

However, the September employment gain of 114,000 is still well below the 150,000 new jobs the US economy needs to add each month just to provide work for young people entering the workforce for the first time.

The September figures also are below the monthly average of 146,000 jobs added in the first nine months of this year. That pace of employment growth is below the 153,000 average monthly job gains seen in 2011.

And while the overall unemployment rate fell to 7.8% in September, that decline may be attributed to 386,000 discouraged workers who gave up looking for jobs in the four weeks preceding the department’s workforce survey.

Discouraged workers are not counted as unemployed, so their statistical absence from the nation’s labour force technically lowers the number of jobless workers and also the unemployment rate.

Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy


By: Joe Kamalick
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