Secretary of Labor Thomas E. Perez issued the statement about the September 2013 Employment Situation report today and said that the economy added 148,000 total nonfarm jobs in September. He says that the economy continues on the road to recovery, however, at a more modest pace than the American people need or expect.
The employment data coming after Congress agreed to the debt ceiling and the government shutdown is quite optimistic. Moreover, when there has been an addition of 126,000 private-sector jobs, that makes a total of over 7.6 million new private-sector jobs over the last 43 consecutive months of growth Therefore, the Obama government seems confident.
The stimulus from the Fed depends a lot on employment data as the organization has repeatedly said that it would not discontinue it till there is a significant improvement in employment and growth. Whereas the monthly unemployment rate inched downward to 7.2 percent, President Obama continues to push for an agenda that will kick the recovery into a higher gear.
According to critics, the unemployment rate of 7.2 percent is quite alarming and the Fed knows it well. They they also expect that there is no likelihood of the Fed tempering with stimulus till the first quarter of next year. However, some optimists claim that the unemployment rate has been quite low for a year or so, as it is has been below 8 percent for a full year.
The release from the government says that the employment report comes behind schedule due to the federal government’s shut down on the first Friday of this month. It admits that whatever the consequence of the shutdown will be visible in the reports that will be coming later this year.
According to a report, the country can expect higher investment in key sectors as Barack Obama has been asking Congress to pass a budget that invests in important priorities like education, infrastructure and technology. Observers however believe that investment on the part of government will increase debt which is already sky high.
Criticizing the recent deadlock created by the Republican Party, the report says that while the job-creating initiatives should have been the nation’s focus over recent months; instead these were sidetracked by a divisive struggle that inflicted unnecessary wounds on the economy. The report says that the economy can’t live up to its potential if is hijacked every few months.
To contact the reporter of this story: Jonathan Millet at email@example.com