Yesterday the BLS released the Employment Situation-September 2013. This report was delayed by 18 days due to the government shutdown on October 1st. The Employment Situation report sends an early warning how the American economy reacted in September to government infighting by adding only 148,000 jobs in September.
Yesterday the National Employment Law Program (NELP) released Jobs Report Shows Economic Recovery Not On The Agenda. According to Christine Owens, Executive Director of NELP, “In the past few weeks, the American public got a full-on display of Congressional dysfunction. Fixing the economy has not been on the agenda. Instead, with the recent shutdown and debt-limit brinksmanship, the extremists who hijacked governance transformed what had been a mere indifference and neglect into deliberate infliction of harm on a still-fragile recovery”
While the shutdown dominated the first half of October it is projected it will cost the economy 24 billion according to NELP. The Employment Situation-September 2013 had unemployment of the 11.3 million people as unchanged at 7.2%. Those 4.1 million people who are deemed long term unemployed also remained unchanged. The government shutdown did nothing to help those Americans who are seeking work and further slowed the recovery during October. The effect of the Federal shutdown will not be fully known until next month and the ripple effect for months to come.
As we measure the ill effects of the recent partial Federal shutdown we must be reminded that government operations are still temporary. The debt limit has only been suspended until February 7, 2014. Unless congress and the President can work out their differences we could once again face a similar shutdown.
“Americans are tired of brinksmanship politics, and the economy can ill afford it” stated Owens. “Congress must turn its attention to healing the deep economic wounds caused by the recent shutdown and the sequester. It's time for Congress to shift from doing harm to doing what's right: end the harmful sequester cuts, renew federal unemployment insurance, raise the federal minimum wage, and invest in creating good-paying, economy-boosting jobs.”
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