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During last month employers added 103,000 jobs. This helped to ease recession fears but it fell short of putting a dent in the 14 million Americans who are currently jobless.
The US Labor Department also revised the jobs number for August from 0 to 57,000. Still a small number but at least there is some growth. The previous number of 0, had a large number of economists thinking that the US was on the verge of another recession.
While the 103,000 looks positive on the outside, leading economists point out that employers need to add 125,000 jobs per month just to keep pace with population growth. And they need to add over 200,000 per month to make a dent in the national unemployment, which is still at 9.1%.
Consumer spending is just keeping up with inflation thus leading to a stall in the manufacturing sector. People are watching the economy more closely then ever before and they are not spending money like they use to.
Only time will tell if the US will fall into another recession as we head into the fourth quarter. But one thing is for sure, the Jobs market has not recovered yet.