(LibertySociety.com) – President Biden wasted no time crediting his policies for the unexpected job growth rate in September. During remarks on Oct. 6, Biden said, “It’s no accident. It’s Bidenomics.” He claimed that his administration was focused on growing the economy from “the middle out and the bottom up.” Top economy experts believed that 170,000 jobs would be added in September, but Labor Department data showed more than double that projection with nearly 360,000 new jobs reported. The department also released corrected data from July and August, which showed 119,000 more than what was originally reported.
Economists were off by one-tenth of a percent in their projections about the unemployment rate, which remained unchanged at 3.8 percent. Industries that saw the most job gains were those in leisure and hospitality, as well as health care. An increase in government-related jobs was also part of the gains. President Biden also expressed his faith in the United States manufacturing industry, which he believes is making a comeback. The White House recently announced another tour across the country to inform Americans about the benefits that communities are receiving because of legislation signed into law by the Biden administration.
With the unexpected gains, the Federal Reserve will have to decide whether to raise interest rates once more before the end of the year. Last month, the Fed opted out of a rate hike, as the labor market was weaker. However, experts believe that the Fed has no intention of lowering rates anytime soon. Forbes reported on October 9 that inflation is continuing its upward trend, which likely indicates that the Fed will increase interest rates again. Forbes also said that stocks will remain volatile and that the bond market should be a top priority for investors. The outlet reported that demand for home-buying was the lowest it had been since 1996 due to interest rates approaching a whopping eight percent. The low demand also affects other sectors, such as finance, homebuilders, real estate agents, and retailers that specialize in home improvement.
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