- by New Deal democrat
As I have written many, many times, consumption leads employment; and the near stagnation in real sales and spending signaled that we should expect weaker monthly employment reports, with both fewer new jobs and a higher unemployment rate. In September, the former happened; the latter did not.
The three month average in employment gains since February has continued to decelerate from over 500,000 to 372,000. But this month the unemployment rate declined back to its post-pandemic low.