Employers Shed 263,000 Jobs in September 09; Real Uneployment Reaches 17 Percent
Today’s statement from the BLS Commissioner notes:
Job losses continued in September, and the unemployment rate continued to trend up, reaching 9.8 percent. Nonfarm payroll employment fell by 263,000 over the month, and losses have averaged 307,000 per month since May. Payroll employment has fallen for 21 consecutive months, with declines totaling 7.2 million. In September, notable job losses occurred in construction, manufacturing, government, and retail trade.
Based on today’s report on the employment situation, the real unemployment rate U-6, the best and most realistic unemployment measure, has now reached 17%:
The numbers are worse than analysts had expected:
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.
… welcome to the post-cash-for-clunkers economy.
Related posts:
- Unemployment Rate at 16.5%
- Consumer Prices September 2009 – Real Prices Down 4.7%
- US Unemployment at 16.8 Percent
- Employment Declines by 371,000 Jobs From June to July 2009
- Producer Prices Down 4.8 Percent
- Consumer Price Index August 2009 – Real Prices Down 5.61 Percent
- US Confidence in Banks Reaches Record Low
- Government Spending Fails To Create Jobs – Economists Confused As Always
- June 2009 Nonfarm Payroll Employment Falls by ~473,000 – Medium Size Businesses Hit Hardest
- Unemployment at 15.6 Percent
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