October 2009 Jobs Report and Wages

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

Bureau of Labor Statistics

Job Report Stats Summary

About benleeson
My name is Ben Leeson. I currently work for a large financial company in IT. I went to school at Marist College in Poughkeepsie, NY. I graduated with a B.S. in Business Administration concentrating in HR. Professor William Brown taught me and I enjoyed his classes; even acquiring an appreciation for just about all things HR. I didn’t pursue a job in that field after college but I’ve kept up with it. This blog will further my fascination with all things HR. I hope to grow my knowledge of the area through thoughtful writings and spirited feedback. I will attempt to have a fairly routine style so anyone reading can come to expect certain segments. Please excuse my incorrect grammar and occasional misspelling.

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