Private Sector Jobs Vanish Into Thin Air While Feds Add Even More Workers To Payroll
Story by Owen Klinsky • 22h
© The Daily Caller
The private sector hemorrhaged jobs in October while the federal government expanded its workforce to even bigger levels, according to data from the Bureau of Labor Statistics (BLS) released Friday.
The U.S. economy lost 28,000 private sector jobs while the federal government added 40,000, BLS data shows. The private sector job losses come amid a disappointing jobs report overall, with the country adding just 12,000 nonfarm payroll jobs — well below the 110,o00 economists expected.
The October jobs report also saw employment gains in August and September be revised down by 81,000 and 31,000, respectively, bringing the number of jobs added for the months to 78,000 and 223,000, according to the BLS. Meanwhile, unemployment has risen substantially since April 2023 from 3.4% to 4.1%, with the increase prompting the Federal Reserve to cut the federal funds target range by 0.5%.
https://www.msn.com/en-us/money/companies/private-sector-jobs-vanish-into-thin-air-while-feds-add-even-more-workers-to-payroll/ar-AA1tldIh?ocid=msedgdhp&pc=HCTS&cvid=d1c6f8588b4c43c6895e506833e93439&ei=87
