The September jobs report released on Friday revealed a loss of 95,000 jobs in the U.S. economy. Struggling local governments shed 76,000 jobs while private employers added 65,000. The number of added jobs was below forecasts as the unemployment rate remained at 9.6%.
This is the fourth straight month that saw the economy saw a loss in workforce. Slower than expected private growth combined with struggling local governments have increased the notion that the Federal Reserve will offer a form of stimulus next month at its November meeting.
There are currently 14.8 million of Americans out of work and another 9.5 who are working part-time looking for full-time jobs. It is taking many Americans a longer period of time to find work as well. Over 40 percent of the unemployed have been without work for at least 6 months.
During a visit to a family-owned small business in Maryland, President Obama stated that everything has been done to hasten the recovery. “We have to keep doing everything we can to help accelerate this recovery. Yes, the trend line in private sector job growth is moving in the right direction, but I’m not interested in trends or figures, as much as I am interested in the people behind them, the millions of hard-working Americans swept up in the most devastating recession of our lifetimes,” he said.
This is the last jobs report before the November elections. The rate of unemployment has displeased voters and Obama will struggle to retain Democratic seats.