Economic numbers aren’t good
Everybody said it was going to be a while before the economy started creating jobs. This wasn’t going to happen in a day or a month. It hasn’t. I was talking with an expert at the Economic Policy Institute, Heidi Shierholz, about four months ago. She was talking about adding jobs in the first or second quarter of next year. It looks to me as if she is on target.
From BLS:
Nonfarm payroll employment continued to decline in September (-263,000), and the unemployment rate (9.8 percent) continued to trend up, the U.S. Bureau of
Labor Statistics reported today. The largest job losses were in construction, manufacturing, retail trade, and government.Total nonfarm payroll employment declined by 263,000 in September. From May through September, job losses averaged 307,000 per month, compared with losses averaging 645,000 per month from November 2008 to April. Since the start of the recession in December 2007, payroll employment has fallen by 7.2 million. (more …)
From Meteor Blades:
Another 263,000 jobs were lost in September, the Bureau of Labor Statistics announced this morning, far above the consensus of experts. Last month, the revised figures show, there were 201,000 jobs lost. The unemployment rate rose from 9.7% to 9.8%.
The latest figures reversed what had been a steady downward trend in job losses since spring. In the 21 months since the downturn began, there has been a net loss of 7.6 million jobs. Currently 15.1 million Americans are officially out of work. Another 11.4 million are unemployed because their unsuccessful search for a job has discouraged them, or they are underemployed. because they want full-time work and can only obtain part-time hours.
The consensus of experts surveyed by Bloomberg last Friday had put the expected loss at 170,000. But after the privately compiled ADP National Employment Report released Wednesday contained higher than expected job losses for September, the 84 experts tweaked their estimates, which ranged from 100,000 to 260,000. That boosted their consensus – the median of all their estimates – to 175,000. This still fell far short of the BLS figures. (more… )
