The September jobs report, released Friday, shows fewer jobs added to the U.S. economy than expected. Though tens of thousands of more jobs could be lost in October with the federal government so far failing to bail out the airline industry, the chief economist for the National Economic Council at the White House Joe LaVorgna said there are signs the economy is in good standing, and its “self-sustaining” nature will help avoid disruptions to further recovery.
“The fact is, the economy has out surpassed consensus expectations by a mile,” he said.
“We’ve generated 11.4 million non-farm payroll jobs since April. We’ve actually generated 14.2 million jobs in the household survey since April, so we’ve got some very good numbers,” LaVorgna continued
While fewer jobs were added than expected, the U.S. unemployment rate beat projections, coming in at 7.9 percent. LaVorgna said the data showed job growth in every major industry but did note weakness in government jobs due to educators not returning to work like usual due to coronavirus adjustments.
When broken down by ethnicity, the data also showed that 12.1 percent of Black Americans were jobless. LaVorgna said while the White House would like to see unemployment drop across all groups, Black workers, in particular, have made financial strides.
As 7.9 percent of Americans go without a job and businesses struggle to stay afloat, another round of stimulus funding is still possible, but according to LaVorgna, more negotiations will need to take place before a deal is made.
“If we can get that stimulus, if the Democrats move a little bit more to the center, then that’s going to be great because we’ll have extra confidence the economy will be even ‘boomier,’ if you will,” he told Cheddar.