Here are the job market and compensation numbers for October 2009 (based on the job report):
Net loss of 190,000 jobs in the month (revised to a loss of 127,000 jobs, revised to a final loss of 224,000)
- Analysts expected a loss of 175,000
- Twenty-two straight months of job losses
- September was revised to a loss of 219,000 from 263,000 (revised again to a loss of 139,000, revised to a final loss of 225,000)
- August was revised to loss of 154,000 from a revised loss of 201,000 jobs (originally reported as a loss of 216,000, revised to a final loss of 211,000)
- Over 8 million jobs have been lost since the recession officially started in December of 2007
Unemployment rate declined to 10.2%
- Analysts predicted a rise to 9.9%
- Highest since April 1983
- The U-6 report, which is a broader group, reached 17.5%
- Continuing to be a record
Specific Segment Job numbers:
- Manufacturing lost 61,000 jobs
- Construction lost 62,000 jobs
- Retailers lost 40,000
- Leisure and Hospitality Services lost 37,000 jobs
- Government sector was unchanged
- Health care grew by 29,000 jobs
Wage (can be revised):
- The average weekly paycheck (seasonally adjusted) is $617.76 – a gain of $1.65
- The average hourly earning (seasonally adjusted) is $18.72 – up 5 cents
- The average hourly work week stayed at 33.0
Working Thoughts 