The new U.S. jobs report for Sept., released this morning, was “more severe than predicted” according to CNBC. Employers cut payrolls by an unexpectedly large 159,000 non-farm jobs, contracting for a ninth straight month.
The cut in payrolls represents the biggest decline since 2003. The unemployment rate, however, held steady from August at 6.1 percent.
Not surprising, manufacturing was the hardest hit. Some 51,000 jobs were lost last month in the category on top of 56,000 cut in August. This is the 27th straight month in which manufacturers slashed payrolls. The average work week in those industries was the lowest in 3 years at 40.7 hours.
Wall Street, hopeful that the news would spur Congress to pass the bailout bill, is up so far today. Pundits agreed the bailout will help determine how quickly we come out of the bad news.
Hurricane Ike was said to have no effect on the numbers.
Popularity: 4% [?]
Leave a Reply