Payrolls in U.S. Rise Less Than Forecast


Shobhana Chandra
Bloomberg
October 22, 2013

An unemployment line in California.

An unemployment line in California.

Employers in the U.S. added fewer workers to payrolls than projected in September, indicating the world’s largest economy had little momentum leading up to the federal government shutdown.

The addition of 148,000 workers followed a revised 193,000 gain in August that was larger than initially estimated, Labor Department figures showed today in Washington. The median forecast of 93 economists surveyed by Bloomberg called for a 180,000 advance. Unemployment fell to 7.2 percent, the lowest level since November 2008.

Stocks and Treasuries climbed as the report supported expectations that the Federal Reserve won’t hurry to reduce the monthly bond purchases aimed at spurring growth and employment. Progress in the labor market depends on how quickly the economy can bounce back from the loss of business and confidence caused by the budget battles in
Washington.

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