New jobs report shows job market still improving
The U.S. job market is on the ups according to the latest jobs report from the U.S. Bureau of Labor Statistics. According to the department, employers created 156,000 new jobs in September. The number of new jobs is less than the 167,000 new jobs created in August according to Chron. Because of steady gains in job creation, the federal reserve is set to raise interest rates in December.
Though there were more than 150,000 new jobs created, there still weren’t enough jobs to meet demand. According to Chron, more than 400,000 people went looking for paid employment in September. The number of new jobs compared with the number of job seekers caused the unemployment rate to go up slightly from 4.9 percent to 5 percent. An economist from California State University said the uptick the unemployment rate is actually a good thing.
"The word has spread that there are jobs to be had, and more and more people are flocking to the job market," said Sung Won Sohn of Cal State’s Smith School of Business according to Chron.
The new numbers brings the number of employed Americans to 145 million according to CNN. September’s job numbers also bring the tally of the number of jobs created during the Obama administration to 15 million.
Democratic presidential nominee Hillary Clinton and her running mate Tim Kaine have touted the numbers during recent debates against their rivals as a sign the economy is in fine shape, CNN reported.
According to CNN, the number of jobs created during Obama’s tenure as president depends on when you started counting. If you started counting on his first day in office, the number is closer to 11 million, which is not as high as Presidents Presidents Clinton (22.9 million) and Reagan (18.1 million), but a bit better than his predecessor George W. Bush.