US September New Jobs 660,000 'Below Expectations'... Unemployment Rate 7.9% (Summary)

Job Growth Below Expectations... Unemployment Rate Better Than Forecast
10 Million Jobs Not Recovered Since COVID-19

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] It has been reconfirmed that the employment recovery in the United States is slowing down. The new jobs created in September fell short of expectations. However, the unemployment rate dropped to the 7% range.

On the 2nd (local time), the U.S. Department of Labor announced that the number of new jobs in September was 661,000. This figure was significantly lower than the 800,000 expected by experts surveyed by Dow Jones. It was also less than half of the 1.48 million increase recorded in the previous month.

The unemployment rate in September was 7.9%, showing better performance compared to the market expectation of 8.2%. The unemployment rate in the previous month was 8.4%.

This means that about 12 million jobs have been recovered after 22 million jobs disappeared since mid-March. Still, there are about 10 million jobs fewer than before the COVID-19 pandemic.

CNBC reported that although positive news continues in the housing market and consumer sectors, the employment sector still shows a slow recovery trend.

Meanwhile, the employment data released on this day is the last one before the U.S. presidential election on November 3.

This content was produced with the assistance of AI translation services.