By Marco Montoya |Staff Writer|
Expected numbers for job creation recently came in 60,000 short.
According to CNBC, 203,000 jobs were expected to be created in September of this year, but a total of 143,000 were available by the end of the month.
The participation rate in the work force dropped to 62.4 percent in September which had not been seen since 1977.
Recent and future college graduates may have to wait until March 2016 for these rates to look any better up due to recent reports brought back to Capital
Economics, which is the leading independent macroeconomic research company.
The jobs being offered and taken into consideration however are not just those requiring a college degree, according to CNBC.
Retail and restaurant jobs, along with mining and logging jobs, are also taking a downfall, which raises the concern for a source of income to young people.
Wages for those who are in the workforce also came in unimpressive as the average hours of a work week took a dip fell to 34.5 hours, according to CNBC.
Job creation has not been up to par since July when the job growth number also dropped from 245,000 to 223,000 also stated by CNBC.
“These statistics are actually pretty sad and discouraging to me and I’m sure to any other student hearing them. If these predictions fell short now, who is to say they won’t come up again like this? I don’t want to come and dedicate all this time and effort into school for me to not have a job when I’m done,” said student Christopher Mazariegos.
“I feel like a lot of these problems have to do with the fact that not enough job positions are being used. Large companies are known to only hire five people when in reality they need ten new employees. They just settle for the minimum in order to help themselves financially,” said economics department secretary, Tiana Miller.
Brad McMillan, chief investment officer at Commonwealth Financial Network, expressed that these outcomes are shocking and they will take their toll on the markets.
If that is the case, these statistics will need more time than the estimated six months rise again.
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