The U.S. added 194,000 new payrolls and the labor force shrank by 183,000, according to the September jobs report issued by the Bureau of Labor Statistics.
"In fact, we find that the loss of benefits is associated with a modest decline in employment growth, earnings growth and labor force participation," Peter McCrory, an economist at JPMorgan Chase Bank, wrote in a research note last month.
While any positive impacts on job growth have been "relatively muted" so far, that may change later this year and as households deplete any built-up savings, according to Daniel Zhao, senior economist at job site Glassdoor. That said, the jobs report was broadly seen Friday morning as a letdown after surging job growth over the spring and early summer.
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