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Economic Perspectives
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 Quarterly Economic Discussion - Q3 
An overview of economic conditions related to output, employment, housing, inflation, the value of the dollar and monetary policy.
 Alan Blinder's Economic Outlook - September 2009
Payroll Employment Down 190,000; Unemployment Rate Up to 10.2 Percent
In October, payroll employment fell by 190,000. This was larger than expected; however, the declines over the prior two months were revised to be smaller by a combined 90,000. Losses in October were widespread with every major subcategory showing declines except healthcare/education and business services. The latter increased by 18,000 driven by a 37,000 increase in temporary labor jobs. This was the third straight month of increased temp jobs. Usually this category acts as a leading indicator for the broader labor market as firms often begin hiring temporary workers prior to adding to fulltime payrolls.
The unemployment rate jumped upward to 10.2 percent, the highest rate since 1983. Furthermore, the labor force participation rate fell a tenth of a point. If an estimate for discouraged workers and underemployed workers is added to unemployment levels, the full rate was 17.5 percent in October.
|
Oct |
Sep |
Aug |
Jul |
Jun |
May |
|
Payroll Ch. (000s) |
-190 |
-219 |
-154 |
-304 |
-463 |
-303 |
|
Unemployment Rate |
10.2 |
9.8 |
9.7 |
9.4 |
9.5 |
9.4 |
09.11.06 (Source: Bureau of Labor Statistics)
Questions? Please contact Eric Brescia for more information.
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