September hiring fell well short of consensus expectations, and previous economic growth was weaker than thought, new Labor Department statistics say in a dismal monthly report that paints a picture of an economy in downshift mode.
We need more hoper-n-change!
| Friday's job report for September said not only that hiring weakened but also that hours worked fell, the labor participation rate declined, and wage growth stagnated. |
You can forecast growth all you like, but the statistics will - if honestly reported - trump your rosy forecasts.
The unemployment rate held steady at 5.1 percent, but wage growth was flat for the month, meaning workers weren't taking home more.
In afternoon comments to the media, President Barack Obama said a slowing global economy was creating headwinds, and he called on Congress to pass a budget that eases up on austerity to stimulate more economic growth.Congress this week passed a measure to keep the government funded just through Dec. 11, and the Treasury Department said Thursday that on Nov. 5 it will run out of extraordinary measures it has been using to pay bills and keep under a debt ceiling. After that point, the government might have to selectively default on some debt, a move sure to panic financial markets.
"This is not the way the United States should be operating," Obama said Friday, urging Congress to avoid another "manufactured crisis" that hits hiring and consumer sentiment.
Yeah, it's his job to manufacture crises.