September Unemployment 9.8%

123jump.com Staff
02 Oct, 2009
New York City

The U.S. job market continues to signal weakness as more people job loss in September. September non-farm payroll declined 263,000 and unemployment rate increased in the month to 9.8% from 9.7% in August. Construction, manufacturing and retail trade led the declines.

[R]12:05 PM New York – The U.S. job market continue to signal weakness as more people job loss in September. September non-farm payroll declined 263,000 and unemployment rate increased in the month to 9.8% from 9.7% in August. Construction, manufacturing and retail trade led the declines.[/R]

U.S. stocks fluctuated as investors digested continued slide in employment data.

September non-farm payroll employment declined 263,000 and the unemployment continued to trend up reaching 9.8%.

From May through September job losses averaged 307,000 a month compared with job losses of 645,000 a month from November 2008 to April.

Number of people voluntarily working part time was unchanged in the month to 9.2 million and people who were “marginally attached” to labor force 2.2 million.

The largest job losses were in construction, manufacturing, retail and government sectors according to the latest report from the Bureau of Labor Statistics.

In September, construction employment decreased 64,000 and monthly average from May to the month averaged 66,000. Most of the monthly job losses were in non-residential and in heavy construction.

The weakness is broad based but the largest job losses continue to be in construction and manufacturing areas. State and municipal governments have started laying-off staff as collection of local taxes decline.

Employment in manufacturing fell 51,000 in September and averaged 53,000 losses a month in the last three months.

Retail trade jobs fell 39,000 and monthly losses from April to September were 29,000.

Since the start of the recession in December 2007, 7.6 million people have lost their jobs swelling the ranks of unemployed to 15.1 million. The unemployment among adult men is 10.3%, adult women 7.8% and teenagers 25.9%.

Most of the government job losses occurred in the non-education component of local government totaling 53,000.

With the ambulatory health care services jobs increasing by 15,000 in September, employment in the heath care sector increased 19,000.

Average hourly earnings of production and non-supervisory workers increased 1 cent to $18.67. The Labor Department report also noted that weekly earnings increased 2.5% in last one year to September but average weekly earnings increased 0.7% due to declined in the average workweek.