When the government released the September jobs report, my heart sank. The economy added 194,000 new positions, 300,000 fewer than expected, the smallest gain since December 2020, and lower than the upwardly revised 366,000 in August. After talking to a bunch of economists, I
learned that the news was not as bad as it had seemed at first blush.
To start, the Labor Department collects employment data in the first two weeks of the month. In September, that was precisely when the Delta variant was surging in many parts of the country. Another factor to take into consideration is that the monthly numbers are subject to revisions.
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