Interest Rate Roundup

Friday, September 04, 2009

Unemployment rises to 9.7%, jobs -216k

The Labor Department just released its latest statistics on the job market. Here's a look at the August numbers:

* The economy shed 216,000 jobs last month. That was slightly below the -230,000 estimate of economists surveyed by Bloomberg. However, July's number was revised upward to -276,000 from -247,000. June's job loss figure was also revised up by 20,000.

* The unemployment rate jumped to 9.7% from 9.4% a month earlier. That handily topped estimates for a reading of 9.5%.

* Average hourly earnings rose 0.3%, a bigger gain than the 0.1% rise that was expecting. Average weekly hours held steady at 33.1.

* Among sectors, construction lost 65,000, down from -73,000 a month prior. Manufacturing lost 63,000, up from -43,000 in July. Retail and transport jobs shrunk by 28,000, down from -85,000. The only sector to show job growth among the major categories was education/health at +52,000, up from +21,000 a month earlier.

Market reaction, as usual, is volatile. Stock futures initially tanked, and bond prices rose off their lows. Now, bond prices are dropping and stock futures are jumping. You gotta love employment report Friday!

3 Comments:

  • place the blame on what happened before Obama became president not what he stepped into,dont hate the messenger only the message

    By Blogger albert, at September 4, 2009 at 10:33 AM  

  • You guys seem to have lost your voice on the financial system collapse. Could it be you were wrong? Maybe a hint of Chicken Little at Money and Markets?

    By Anonymous Anonymous, at September 4, 2009 at 12:33 PM  

  • As technology increases, unemployment naturally increases. Government should take necessary action on it. Money should not be dumped in a particular place. It should reach to everyone

    By Anonymous Padmanaban, at September 8, 2009 at 10:19 AM  

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