[video] Quick Take: Digesting the Jobs Report
NEW YORK (TheStreet) -- It appears as though the government shutdown didn't affect the labor market -- or did it? TheStreet's Debra Borchardt is with Doug Roberts, an economist at Channel Capital Research, to discuss the report.
The 204,000 jobs added to the economy beat economists' expectations of 120,000, but Roberts said the unemployment rate, which actually rose, suggests that the government should try to avoid a shutdown next time.
He also notes that wage data was disappointing, which could likely be attributed to more lower-paying jobs being added to the economy in the previous month.
Most notably, retail and food service employment increased, as did employment in healthcare jobs and temporary work.Roberts added that the number of involuntary part-time jobs also increased, which was a negative takeaway. Jobs have been steadily increasing in manufacturing and energy, which could eventually lead to solidly boosting the economy. He reasons that higher skilled jobs would pay more money, thus boosting incomes.
Ultimately though, the report was better than expected, which may not have been hard considering how low expectations were, he said. Roberts concludes that, although encouraging, investors should examine a few more labor reports before they start celebrating. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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