Jobs Numbers: Breakdown by Sector
The US economy added 151,000 jobs in October, while the unemployment rate remained at 9.6%. The growth came from gains in the private sector, with 159,000 jobs added in October. The report is much better than expected as economists had anticipated gains of only 60-75,000.
During the recession, the peak of losses was 779,000 lost jobs in January 2009, compared to the 2001 recession, when monthly losses hit a high of 325,000. The 1990-91 recession peaked at 306,000 losses -numbers generally peak toward the end of a recession, making employment a lagging indicator. Note that the unemployment rate peaked at 10.8% at the end of the 1981-82 recession.
Here is a breakdown of the jobs report by sector. Professional services added the most jobs in October.
Total change in non-farm payroll = + 151,000
- Private Sector = + 159,000
- Logging & Mining = + 7,000
- Construction = + 5,000
- Manufacturing = - 7,000
- Durable goods = - 3,000
- Non-durable goods = - 4,000
- Services = + 154,000
- Wholesale Trade = + 7,300
- Retail Trade = + 27,900
- Transportation & Warehousing = - 100
- Information Technology = - 1,000
- Financial Svcs = - 1,000
- Professional & Business Svcs = + 46,000
- Education & Health Svcs = + 34,000
- Leisure = - 5,000
- Government = - 8,000
The futures are trading down on the news.
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