The U.S. economy added 248,000 jobs in September, and the headline unemployment rate fell to 5.9%. The real story is that 315,000 people left the workforce, and labor force participation ticked down again to 62.7%, remaining at levels not seen since the Carter-era recession. That's why the unemployment rate is falling. The U-6 unemployment rate, a better measure, sits at 11.8%. That said, the report contains some good news: The August report was revised up from 142,000 jobs created to 180,000, and CNBC notes, "The job creation [in September] was tilted heavily towards full-time positions, which surged by 671,000. Part-time jobs actually fell by 384,000." Furthermore, writes National Review's Patrick Brennan, "248,000 jobs in September is still not as fast as we'd like a recovery to be, but it's noticeably more jobs than need to be created to keep up with population growth, and the past eight months have been a faster average period of job creation than any comparable time during this recovery." The American economy is resilient enough even to face the headwinds of Barack Obama's "recovery."
248,000 Jobs Added in September
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