A report released today by Bloomberg.com shows that companies added fewer workers than projected in October. Predictions were paramount that the government shutdown would have a negative effect on the job numbers, and that is now becoming tangible.
“The 130,000 increase in employment was the smallest in six months and followed a revised 145,000 gain in September that was weaker than initially estimated, according to the ADP Research Institute in Roseland, New Jersey. The median forecast of 39 economists surveyed by Bloomberg called for an advance of 150,000 jobs.”
The report continues:
“Obviously, there was some impact of the government shutdown,” said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida, and the best forecaster of the ADP figures in the last two years, according to data compiled by Bloomberg. The Fed has “been very clear that the tapering decision is going to remain data dependent, and this suggests it’s still not quite strong enough.”
Makes the words of Abraham Lincoln’s Gettysburg Address ring true. “…and that government of the people, by the people, for the people, shall not perish from the earth.”
For the people.
The official October report will be released in early November, and is sure to show the economy hitting a huge speed bump. Luckily for the economy, and the image of the United States government, holiday and seasonal hiring should pick up in the coming months, and consumer spending should increase. These increases should lead to a positive change in traction to the official job numbers in the near future.
However, October is sure to be a black-mark in a general upswing of the United States economy.
If you are as frustrated with the government, the economy, and the job search as we are here at Crossroads Consulting, we certainly can’t blame you. That’s why we have made it our mission to make sure your job search is as easy as it can be. With over 50 open positions we are looking to fill today, and a recommended resume and interview service, we want to be the firm that takes you all the way through the job searching process.
Or, if you’d just like to talk, don’t be afraid to reach out. Remember, at Crossroads Consulting we’re here to put the ‘human’ back into ‘human resources’.
(Photo by WashingtonPost.com)