- Remorseful Regulator Leads Reform Fight
- Lightning Round: AT&T, Verizon, Novartis and More
- Lightning Round OT: Alcoa, Weight Watchers and More
- Why Amazon Rules Retail
- Nordic American: Sinking Ship or Titan Tanker?
- Your First Move For Tuesday November 24th
- Cramer: What Monday’s Housing Number Really Means
- Pops & Drops: Cigna, Verizon...
- Giving Thanks: Energy
- Web Extra: Winning The Chocolate Wars
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Why Amazon Rules Retail
- Gold Will Collapse Like Oil Did in 2008: Charts
- China Eastern to Complete Shanghai Air Buy by End '09
- Wave of Debt Payments Facing US Government
- JAL Slides to Record Low on Bankruptcy Jitters
- Prepare For Large Decline In Stocks, Next Year?
- Paul: Audit the Fed
- Nielsen Ratings Coming to Video Games
- The Social Media Gaming Threat
RSS FEED
Text Size 
The latest overall job loss numbers showed a loss of 240,000 jobs in October and the unemployment rate climbed to 6.5%. This is the highest unemployment rate since March 1994. The September payroll numbers were revised to a loss of 284,000. In the 2001 recession, monthly losses hit a high of 325,000. The 1990-91 recession peaked at 306,000 losses. As you can see from the chart below, numbers peak toward the end of a recession (recessions are marked by grey bands), making employment a lagging indicator.
 |
Here is a breakdown of where the job losses were as well as which sectors were adding jobs. Worst hit was manufacturing, construction and professional services. Again, health services and government added the most jobs.
Total change in non-farm payroll = - 240,000
- Private Sector = - 263,000
- Natural Resources & Mining = + 7,000
- Construction = - 49,000
- Manufacturing = - 90,000
- Durable goods = - 75,000
- Non-durable goods = - 15,000
- Services = - 131,000
- Wholesale Trade = - 21,500
- Retail Trade = - 38,100
- Transportation = - 9,200
- Utilities = + 1,800
- Information & Media = Unchanged
- Financial Svcs & Real Estate = - 24,000
- Professional & Business Svcs = - 45,000
- Education = - 11,200
- Health Svcs = + 31,900
- Leisure = - 16,000
- Government = +23,000
With the increase in job losses, the futures are only pointing to a slightly lower open as many believe the tumble over the past two days has already priced in the weakening jobs numbers. The continued numbers in manufacturing support the concerns of the automakers like GM [GM
Loading...
()
] and Ford [F
Loading...
()
] who have gone to Washington for aid. Like its American competitors, Toyota Motor [TM
Loading...
()
] also is struggling and announced a profit warning.
- A diet high in fat and sugar might actually be good for your portfolio.
- Warren Buffett and Bill Gates discuss the economy and other subjects with CNBC's Becky Quick.
- From the AIG&T to the Merrill Lychee, Jane Wells lists this year's fashionable holiday cocktails.
- One shopper explains why – aside from the prices – he gets up at 3am on the day after Thanksgiving to go shopping every year.
- Congressman Ron Paul explains to Squawk Box why he’s pushing legislation to audit the Federal Reserve.
- …you'll want to be prepared. Tips for getting the most out of the post-Thanksgiving shopping frenzy.
Data is a real-time snapshot *Data is delayed at least 15 minutes