(TheRedAlertNews.com) – Breaking Now: Just moments ago, economists sat stunned and with egg on their collective faces when the government released the latest United States employment report showing the employment statistics for September. To say the numbers were a disappointment would be the understatement of the year.
Economists surveyed each month to predict how many jobs will have been added in the previous month had expected that the American economy would add 500,000 jobs to the workforce. This prediction was based, at least in part, on the number of Americans who were booted off “enhanced” federal unemployment benefits at the beginning of September. In many cases, those add-on benefits resulted in unemployed workers being paid more to stay at home than to go back to work at their old job or even to seek a new job.
— New York Post (@nypost) October 8, 2021
But, even though a massive number of the unemployed are no longer receiving those additional monies, it also appears it didn’t spur them to go back to work as the economy only added 194,000 jobs – far less than the 500,000 that was predicted.
So, this morning, economists and political pundits are left shaking their heads and scrambling to explain why Americans aren’t going back to work as quickly as they predicted. Is it because the unemployed have been saving those additional “enhanced” benefits and are in no rush to return to work as they still have government funds to spend? Have a significant number of people dropped out of the workforce altogether? Are people retiring sooner instead of going back to work? At this point, it’s anyone’s guess. Clearly, the economists got it wrong.
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