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October 31, 2013

Another week, another weak jobs report

Topics: Political News and commentaries

It's the unofficial report from ADP:

A private survey shows U.S. businesses added just 130,000 jobs in October, as the 16-day partial government shutdown slowed an already-weak job market.

Payroll processor ADP also said Wednesday that companies created just 145,000 jobs in September, far below the 166,000 it had reported earlier this month.

The job market had been weakening even before the shutdown started Oct. 1. Employers were also worried about a standoff over raising the federal borrowing limit.

The September job figures were the fewest for the ADP survey since April. Hiring was especially sluggish among companies with fewer than 500 employees. Job creation at services companies fell to 107,000 in October from 130,000 last month.

Going by the current rate the chances of returning to full employment anytime in the near future is slim to none.

Meanwhile, the ONLY reason that the unemployment number is 7.2% is that the Labor Force Participation Rate is at 63.2%: the lowest in over 30 years. The actual REAL unemployment rate is 11.4%.

Related:
If Employment Is So Great, Why Are Withholding Taxes Declining?
Feds paid out $252 billion in unemployment benefits since 2008 (far more than in the previous three recessions).

Posted by Hyscience at October 31, 2013 3:10 PM



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