WASHINGTON (MNI) – The following is a statement by Katharine
Abraham, a member of President Obama’s Council of Economic Advisers,
Friday on the U.S. employment situation in September:
Today’s employment report shows that private sector payrolls
increased by 137,000 and overall payroll employment rose by 103,000 in
September. The unemployment rate remained unchanged at 9.1 percent, a
level that is unacceptably high. Despite a slowdown in economic growth
from substantial headwinds experienced throughout the year, the economy
has added private sector jobs for 19 straight months, for a total of 2.6
million jobs over that period.
Clearly, we need faster economic growth to put Americans back to
work. Today’s report underscores the President’s call for Congress to
pass the American Jobs Act to put more money in the pockets of working
and middle class families; to make it easier for small businesses to
hire workers; to keep teachers in the classroom; to put construction
crews to work rebuilding our nation’s infrastructure; and other measures
that will help the economy grow while not adding to the deficit over ten
years.
Sectors with employment increases in September included
professional and business services (+48,000), health care and social
assistance (+40,800), information (+34,000, which includes about 45,000
returning Verizon strikers), and construction (+26,000). Sectors with
employment declines included government (-34,000) and manufacturing
(-13,000). Local government lost 35,000 jobs, and has shed 383,000 jobs
since February 2010, including 225,000 jobs in educational services.
The monthly employment and unemployment numbers are volatile and
employment estimates are subject to substantial revision. Therefore, as
the Administration always stresses, it is important not to read too much
into any one monthly report.
** Market News International Washington Bureau: 202-371-2121 **
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