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NonfarmPayrolls posts

Unemployment falls during November -- stocks to rally

Posted Dec 4th 2009 9:17AM by Mark Fightmaster (RSS feed)
Filed under: Good news, Economic Data

It looks like we may have a bit of a rally on this final trading day of the first week of December thanks to the nonfarm payroll report. During November, 11,000 jobs were shed, far fewer than the expected 100,000 and the fewest lost jobs since December 2007. And the unemployment rate dropped to 10%.

There is a word of caution, as some economists believe that November's payroll figures could appear better because of the way the government adjusts the data for seasonal factors. That's the only wet blanket I will throw on this news, as the "seasonal factor issue" does not impact the jobless rate.

Continue reading Unemployment falls during November -- stocks to rally

Jobless rate jumps to 10.2% during October

Posted Nov 6th 2009 10:00AM by Mark Fightmaster (RSS feed)
Filed under: Before the Bell, Bad News, Employees, Economic Data

Is this bad news for the recovery? The Labor Department reported that the U.S. unemployment rate jumped to 10.2% in October, pushing the rate atop the 10% mark for the first time in 26 years. Nonfarm payrolls fell by 190,000 in October, bringing the total number of jobs sacrificed to the recession to 7.3 million. October was the 22nd straight month that saw payrolls decline. According to MarketWatch, expectations were for an unemployment rate of 10% and 150,000 jobs lost.

Yesterday, I took a look at the weekly jobless claims, suggesting that we could see a substantial drop today if this morning's jobs report came in worse than expected. The report was worse, now let's see if yesterday's "good news" and rally is going to give way to a slump like last Friday.

Continue reading Jobless rate jumps to 10.2% during October

March payrolls fall by 663,000, unemployment jumps to 8.5%

Posted Apr 3rd 2009 10:50AM by Mark Fightmaster (RSS feed)
Filed under: Bad News, Economic Data

According to a report released by the Labor Department this morning, U.S. nonfarm payrolls dropped by 663,000 in March and the unemployment rate ascended to 8.5% from 8.1%. January's job losses were revised to 741,000 -- which is the worst since 1949. The Labor Department also reported 651,000 jobs lost in February. For the record, March was the fourth straight month with more than 600,000 job losses; a record that no one wanted to see set.

During the past six months, nearly 3.7 million jobs have been lost, or nearly 3% of the workforce. The percentage loss is the second largest in 50 years. Turning to specific industries, service industries saw 358,000 jobs lost and goods-producing industries saw 305,000 jobs lost. While job losses spanned the spectrum of jobs, health care actually saw an increase of 14,000. According to the report, only 22% of the 271 industries were hiring during March.

Continue reading March payrolls fall by 663,000, unemployment jumps to 8.5%