Friday, October 02, 2009
Economy Sheds 260,000 Jobs in September
Ken Sweet
FOXBusiness
The U.S. Labor Department said Friday employers cut more than 260,000 jobs from their payrolls last month and the nation's unemployment rate hit 9.8%, the highest since 1983.
The report casts doubt on the positive momentum the economy has been experiencing recently.
According to the Bureau of Labor Statistics, the nation’s economy lost 263,000 jobs in September, considerably worse than the 175,000 jobs that economists had been expecting. The unemployment rate was in line with estimates.
Today's report comes at a time when most economic indicators are showing the nation's economy in recovery; however some data, most notably manufacturing activity gauges, have shown that the recovery may be more muted that some on Wall Street had predicted.
A worse than-expected drop from the Institute for Supply Management's manufacturing activity index helped fuel a 203-point drop in the Dow Thursday.
While the number was considerably worse than expected, it is still an improvement from the 700,000 monthly job losses the economy was shedding at the beginning of the year.
Average hourly earnings were up $0.01 last month at $18.67.
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How is that Stimulus working guys?
