Mercatus Center scholar and former BLS Commissioner Keith Hall reacts to today’s jobs report:
“The jobs report for September offered slightly conflicting mixed news on the economy. On one hand, payroll employment rose by 114,000 in September. This is consistent with the job growth over the past seven months that has averaged 111,000 per month. Although job growth over the prior two months was revised up by 126,000, job growth in private sector was revised down by 4,000 as all of the upward revision was in government. This data is collected from a survey of work establishments that represent over 40 million workers.
“On the other hand, the unemployment rate continued on a downward trend as it decreased to 7.8%. This is based on a survey of approximately 60,000 households and it showed that both employment and the labor force increased. In particular, the labor force participation rose to 63.6%, partially reversing the decline from the previous two months. The rise in employment was enough to raise the employment ratio to 58.7%, its highest level in over two years.”
For more from Keith, check out his op-ed in the Los Angeles Times on how today’s economy will have a serious long-term impact on the careers of young workers.