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Hiring slows in the US

3 years 2 months 4 weeks ago October 22, 2013 Oct 22, 2013 Tuesday, October 22 2013 October 22, 2013 11:42 AM in News
Source: Associated Press

NEW YORK - Analysts say the weaker-than-expected jobs numbers for September will make it more likely that the Federal Reserve will maintain its bond-buying stimulus program for the rest of this year.

The Labor Department says the economy added just 148,000 jobs last month -- a steep drop from the 193,000 created in August.

The release of the September jobs report had been delayed by more than two weeks by the government shutdown -- which likely further slowed economic growth and hiring.

Economist Sung Won Sohn of California State University says, "The economy is too fragile for the Federal Reserve to touch." He says the battles over federal spending and the debt limit have created more uncertainty, probably hurting both consumer and business spending, along with hiring.

And Josh Feinman of Deutsche (DOYT'-sheh) Asset and Wealth Management says the jobs report "reinforces the impression that the labor market was losing a little momentum heading in to the shutdown." He says jobs are being created, but at a "frustratingly slow" pace.

Economists at Barclays now predict the Fed won't trim its bond purchases until March -- much later than its previous forecast of December.

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