Another "Unexpected" Jobs Reports
Goodbye jobs and goodbye Democrats: The U.S. economy unexpectedly shed jobs in September for a fourth straight month as government payrolls fell and private hiring was less than expected, hardening expectations of further Federal Reserve action to spur the recovery. Nonfarm payrolls dropped 95,000, the Labor Department said on Friday. Private employment, a better gauge of labor market health, increased 64,000 after rising 93,000 in August. A total of 77,000 temporary jobs for the decennial census were terminated last month. Analysts polled by Reuters had expected overall payrolls would be unchanged, with private-sector hiring gaining 75,000. The government revised data for July and August to show 15,000 more jobs lost that previously reported. It also said its preliminary benchmark revision estimate indicated employment in the 12 months to March had been overstated by 366,000. The unemployment rate was unchanged at 9.6 percent in August. Why is it that every piece of economic news that comes out is “unexpected”?
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on October 8, 2010. Filed under