Job Growth Slows in September - Lower than Predictions

Article, CNN, October 8, 2004
http://money.cnn.com/2004/10/08/news/economy/jobless_september/index.htm

The U.S. Department of Labor reported that U.S. employers hired approximately 96,000 new employees in September, which was short of many labor analysts' predictions. The unemployment rate, however, remained unchanged. The number of new jobs created, and number of people in the workforce are both key economic indicators. The fact that the growth of new jobs slowed over last month is troubling to many experts.

This report is the last assessment of job growth that will occur before the presidential election next month. Political analysts say that these numbers are damaging to President Bush's campaign, because it is now conclusive that his administration was the first since Herbert Hoover's in the 1930's to witness a decline in employment. In fact, there are approximately 585,000 fewer jobs today in our overall economy than when President Bush took office fours years ago.

The job-growth slowdown may also prompt the Federal Reserve to reevaluate its plan to slowly increase interest rates in anticipation of an economic resurgence. While the Fed still believes the economy is moving forward, they don't anticipate any fast upward motion in the near-term.