The recent employment report from the Bureau of Labor Statistics has revealed that unemployment levels in the United States have decreased to their lowest levels since the Great Recession of 2008. The October jobs report also showed an increase in payrolls of 150,000, which is lower than expected.
Economists had expected a much higher increase in payrolls. The lower than expected number of jobs could be due to numerous factors, including the influx of new jobs in the retail sector over the past few months, as well as the lack of available jobs due to uncertainty in the economy.
The October numbers show that the U.S. economy continues to experience slow growth. Unemployment levels remain at historically low levels, but the increase of 150,000 payrolls still came in lower than expected.
Despite the lower than expected payrolls, the October figures don’t present a rosy-looking economic picture. The slow job growth is a reflection of a sluggish economic recovery. With GDP growth still stalling and consumer confidence remaining low, it is clear that the U.S. economy is going through a slow recovery period.
The Federal Reserve is monitoring these job numbers closely and is likely to consider any potential policy changes to help jumpstart the economy. In the coming months, economists will be looking to see if the October payrolls figures are an anomaly or a sign of a slowing economic recovery.