Unemployment Shows Jobs Disappearing Rapidly

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Today’s jobs numbers are taking the U.S. deeper and deeper into recession.  Technically, the U.S. economic data is not showing a recession, but ask anyone on Main Street or Wall Street about the state of the economy and they will give you people are hurting.  Unemployment was 6.1% and non-farm payrolls were -159,000, marking the ninth consecutive month of job losses.

Dow Jones had unemployment expected at 6.1% and non-farm payrollsexpected at -105,000 jobs.  Bloomberg was also at 6.1% expectedunemployment and it showed consensus non-farm payrolls at -100,00 jobs.

This now puts the total tally of jobs lost at 760,000 in 2008. This data does not reflect whateconomist fear.  Many economists are expecting the September toactually be one of the better reports compared with what lies ahead in Q4.

The good news is that the revision to non-farm payrolls in August went from -84,000 down to -73,000, and there was no revision to the 6.1% unemployment from August either. September showed a drop of 51,000 manufacturing jobs and -82,000 service jobs.  The work week fell 0.1 hours to 33.6 hours and average hourly wages rose $0.03 to $18.17.

What kind of bread do they offer in those free bread lines?

Jon C. Ogg
October 3, 2008