US non-farm payroll slows; nearly 4 million Americans permanently unemployed

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US non-farm payroll slows; nearly 4 million Americans permanently unemployed

In the last US non-farm payroll report before the election day with less than a month remaining of what would be a fiercely contested US Nov. 3 Presidential election, US Labour Department’s employment data released earlier on Friday had revealed that the US non-farm payrolls had slowed more-than-anticipated last month and over four million Americans no longer had a permanent job, marking up a potential blow for the US President Donald Trump amid a US economy which has been in an urgent need of fiscal stimulus.

In point of fact, according to US Labour Department data that released earlier on the day, US non-farm payrolls rose by 661,000 jobs last month, which happened to be the tiniest monthly gain since an onset of the US labour market recovery that began late on May this year.

Concomitantly, an increase of 661,000 jobs in September non-farm payrolls followed a strident gain of 1.489 jobs in August, suggesting the US labour market’s growth momentum has been losing traction as forecasted by the US Fed Chair Jerome Powell at his recent testimony to a US Senate panel.

Slowdown in non-farm payrolls underscore an urgent need for fiscal stimulus

Aside from that, Friday’s US non-farm payrolls report for September came forth a day after media headlines had revealed that the US House Speaker Nancy Pelosi and the US Treasury Secretary Steven Mnuchin had failed to reach an agreement over a second round of trillion-dollar stimulus bill, while the White House had reportedly downsized its offer to $1.5 trillion from a prior $2.2 trillion and the Democratic lawmakers had been stressing for at least $3.1 trillion in the latest round of stimulus debate, eventually evaporating hopes of any kind of large-scale fiscal stimulus before the Nov.

3 US Presidential election. Meanwhile, addressing to a disdainful labour market recovery that has witnessed a retrieval of just half of the 22.2 million jobs lost during the pandemic hobble, a chief international economist at ING in New York, James Knightley said following the release of Sept.

non-farm payrolls data, “The jobs report adds to Trump’s woes. Betting odds signal a diminished chance he will win re-election and a much higher probability of a Democrat clean sweep”.