The U.S. economy created jobs at a much slower-than-expected pace in September. Nonfarm payrolls rose by just 194,000, compared with the Dow Jones estimate of 500,000, the Labor Department reported Friday.
The unemployment rate fell to 4.8%, better than the expectation for 5.1% and the lowest since February 2020. The drop in the jobless rate came as the labor force participation rate edged lower, meaning more people who were sidelined during the coronavirus pandemic already have returned to the workforce.
“This is quite a deflating report,” said Nick Bunker, economic research director at job placement site Indeed.
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