The Unemployment Rate for September increased to 9.8%, as expected, from 9.7% in August, as the number of unemployed persons increased by 446,000. Since the start of the recession in December of 2007, the number of unemployed persons increased by 7.6 million to 15.1 million and the unemployment rate has doubled. Nonfarm Payrolls fell by 263,000, with more layoffs than expected, since initial claims were expected to decrease by 176,000, following a 201,000 decline in August, which was revised from -216,000. Over the month, the largest job losses occurred in construction, manufacturing, retail trade, and government. The Average Workweek was shortened to 33 hours, and Average Hourly Earnings increased by 0.1% over the month.
Upcoming Releases
ISM Services Index (10/05 at 10:00 AM EST)
Consumer Credit (10/07 at 3:00 PM EST)
Initial Claims (10/08 at 8:30 AM EST)
Wholesale Inventories (10/08 at 10:00 AM EST)
