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U.S. Sept non-farm payrolls plunge 263,000

Posted By admin On October 2, 2009 @ 8:07 am In Money Watch | Comments Disabled

Reuters [1]
Friday, October 2, 2009

WASHINGTON (Reuters) – U.S. employers cut a deeper-than-expected 263,000 jobs in September, lifting the unemployment rate to 9.8 percent, according to a government report on Friday that fueled fears the weak labor market could undermine economic recovery.

The Labor Department said the unemployment rate was the highest since June 1983 and payrolls had now dropped for 21 consecutive months.

Analysts polled by Reuters had expected non-farm payrolls to drop 180,000 in September and the unemployment rate to rise to 9.8 percent from 9.7 percent the prior month. The poll was conducted before reports, including regional manufacturing surveys, showed some deterioration in employment measures.

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U.S. Sept non farm payrolls plunge 263,000 aj150709banner1 [2]

The government revised job losses for July and August to show 13,000 more jobs lost than previously reported. Preliminary annual benchmark revisions, released together with September’s employment report showed that total non-farm payroll employment for March would have to be revised down about 824,000.

Stubbornly high unemployment is viewed as the missing link in the economy’s recovery from its worst recession in 70 years. The economy is believed to have started growing in the third quarter.

Full story here. [1]


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URLs in this post:

[1] Reuters: http://finance.yahoo.com/news/US-Sept-nonfarm-payrolls-rb-589941939.html?x=0&.v=1

[2] Image: http://prisonplanet.tv/signup.html

[3] U.S. unemployment hits record but job losses slow: http://www.prisonplanet.com/us-unemployment-hits-record-but-job-losses-slow.html

[4] Unemployment in U.S. Jumps to 10.2%, Payrolls Fall: http://www.prisonplanet.com/unemployment-in-u-s-jumps-to-10-2-payrolls-fall.html

[5] U.S. Jobless Rate Soared in January and Payrolls Kept Plunging: http://www.prisonplanet.com/us-jobless-rate-soared-in-january-and-payrolls-kept-plunging.html

[6] Unemployment in U.S. May Rise Toward 10% on `Feeble’ Growth: http://www.prisonplanet.com/unemployment-in-u-s-may-rise-toward-10-on-feeble-growth.html

[7] U.S. job losses seen jumping to 648,000 in February: http://www.prisonplanet.com/us-job-losses-seen-jumping-to-648000-in-february.html

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