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October 2009
 

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Job growth = -263,000
Unemployment rate = 9.8%
Average hourly earnings = +$0.01
Average work week = 33 hours

Job losses were higher than expected in September from a revised August number to -263,000 this month. The national unemployment rate registered at 9.8% and is still expected to hit 10%. The government sector losses heavily contributed to this month’s losses (government shed 53,000). It is believed original predictions did not factor in these losses.

While these numbers are higher than predicted for the month, there are some pockets of promise. For instance, the temporary sector only shed 1,700 jobs. This sector is expected to add jobs in the very near future. Healthcare continued to be the strongest sector adding over 19,000 jobs. Small additions were also made in the architecture/engineering and IT fields.

Construction was the hardest hit industry in September followed by manufacturing and retail. Unemployment rates rose across education levels ranging from 15% for less than a high school diploma to 4.9% for college (or beyond college) graduates. The average work week also decreased in September (down 0.1 hour to 33 hours) indicating productivity has yet to spike.


 

 

 

 

 

 

 

 

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