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As we’ve come to expect, the Labor Department released yet another disappointing jobs report today. In September, employers cut an estimated 95,000 workers. Although the number of job losses is higher than forecasted, the unemployment rate remained unchanged at a high 9.6 percent. The official unemployment rate does not count the 1.2 million discouraged workers who have simply given up looking for job. The report states that private sector employers added a less-than-expected 64,000 jobs in September.
About 14.8 million people who would like to job cannot find a job. The July and August payrolls were also revised to show larger job losses than previously reported. The change in payroll employment for July was revised from -54,0000 to -66,000, and the change in August was adjusted from -54,000 to -57,000.
Since the Labor Department report is based on mid-September data, a Gallup report shows that joblessness may be even worse:
Unemployment, as measured by Gallup without seasonal adjustment, increased to 10.1% in September — up sharply from 9.3% in August and 8.9% in July. Much of this increase came during the second half of the month — the unemployment rate was 9.4% in mid-September — and therefore is unlikely to be picked up in the government’s unemployment report on Friday.
The Gallup graph shows the recent up tick in the unemployment rate:
The disappointing Labor Department jobs report is the last before the midterm elections. As Rep. Sessions (R-TX) stated "This report is not only the final affirmation of the failed job-killing policies of Washington Democrats, but it frames the national political debate from now until Election Day.” Polls show that jobs continue to remain the number one issue for voters. Therefore, lawmakers who voted for failed “stimulus” packages will face the consequences on November 2nd.