| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 European
 International
 
 Analysis/Comment

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : International Last Updated: Nov 9, 2009 - 3:05:55 AM


US unemployment rate rises to 10.2% in October - - the highest since April 1983; Broad measure of unemployment surges to 17.5%
By Finfacts Team
Nov 6, 2009 - 2:06:58 PM

Email this article
 Printer friendly page

The US unemployment rate rose from 9.8 to 10.2 percent in October - - the highest since April 1983 and nonfarm  jobs fell 190,000, the US Bureau of Labor Statistics reported today. The largest job losses over the month were in construction, manufacturing, and retail trade.  The broad measure of unemployment rose to 17.5 percent.

The BLS said in October, the number of unemployed persons increased by 558,000 to 15.7 million. The unemployment rate rose by 0.4 percentage point to 10.2 percent, the highest rate since April 1983. Since the start of the recession in December 2007, the number of unemployed persons has risen by 8.2 million, and the unemployment rate has grown by 5.3 percentage points.

Among the major worker groups, the unemployment rates for adult men (10.7 percent) and whites (9.5 percent) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and Hispanics (13.1 percent) were little changed over the month. The unemployment rate for Asians was 7.5 percent, not seasonally adjusted.

The number of long-term unemployed (those jobless for 27 weeks and over) was little changed over the month at 5.6 million. In October, 35.6 percent of unemployed persons were jobless for 27 weeks or more.

The broad measure of unemployment rose to 17.5 percent from 17.0 percent in October.

The BLS says the broad rate:  includes marginally attached workers are persons who currently are neither working nor looking for work but indicate that they want and  are available for a job and have looked for work sometime in the recent past.  Discouraged workers, a subset of the marginally attached,  have given a job-market related reason for not looking currently for a job.  Persons employed part time for economic reasons are those  who want and are available for full-time work but have had to settle for a part-time schedule.

See breakdown of broad measure in October.

The number of persons working part time for economic reasons was little changed in October at 9.3 million.

Total nonfarm payroll employment declined by 190,000 in October. In the most recent 3 months, job losses have averaged 188,000 per month, compared with losses averaging 357,000 during the prior 3 months. In contrast, losses averaged 645,000 per month from November 2008 to April 2009. Since December 2007, payroll employment has fallen by 7.3 million.

Construction employment decreased by 62,000 in October. Monthly job losses have averaged 67,000 during the most recent 6 months, compared with an average decline of 117,000 during the prior 6 months. October job losses were concentrated in nonresidential specialty trade contractors (-30,000) and in heavy construction (-14,000). Since December 2007, employment in construction has fallen by 1.6 million.

Manufacturing continued to shed jobs (-61,000) in October, with losses in both durable and nondurable goods production. Over the past 4 months, job losses in manufacturing have averaged 51,000 per month, compared with an average monthly loss of 161,000 from October 2008 through June 2009.

Manufacturing employment has fallen by 2.1 million since December 2007.

Retail trade lost 40,000 jobs in October. Employment declines were concentrated in sporting goods, hobby, book, and music stores (-16,000) and in department stores (-11,000). Employment in transportation and warehousing decreased by 18,000 in October.

Health care employment continued to increase in October (29,000). Since the start of the recession, health care has added 597,000 jobs.

In the government sector, 22.9 million were employed in October 2008 and 22.4 million a year later.

Related Articles


© Copyright 2009 by Finfacts.com

Top of Page

International
Latest Headlines
Markets News Afternoon: Shares fall in Dublin; Inventories at US wholesalers unexpectedly dipped in December indicating rise in demand
The Big Tilt: Western companies unprepared for the rise of Asia; Senior executives should move to region
Markets News Tuesday: Shares fall slightly in Europe and Dublin; German consumer prices dip in January; UK retail sales stall
Tuesday Newspaper Review - Irish Business News and International Stories - - February 09, 2010
US Employment Trends Index rose in January for the fifth consecutive month; Trend points to the resumption of jobs growth soon
Dow Jones Industrial Average closes below 10,000 level; First crossed threshold in March 1999
Markets News Afternoon: Shares up slightly in Europe and US
Markets News Monday: G7 to canvass support for global banking levy; Aer Lingus traffic rose in January; German manufacturing turnover fell in December
Monday Newspaper Review - Irish Business News and International Stories - - February 08, 2010
Asia 2010 growth forecast upgraded - - region will be responsible for 60% of global growth of 4.4%; World's Emerging Markets will account for 75% of growth
US unemployment rate fell to 9.7% in January; Employment dipped by 20,000 and the broad measure of unemployment fell to 16.5%
Markets News Friday: Stocks, commodities and euro plunge; OECD composite leading indicators give stronger signals of economic expansion
Friday Newspaper Review - Irish Business News and International Stories - - February 05, 2010
China says currency exchange rate close to "reasonable" level
Markets News Afternoon: Stocks slide in Europe and US as sovereign debt worries rise; Euro below $1.38; Trichet says ECB’s interest rate are “appropriate”
US retailers posted mixed sales results for January; New weekly jobless benefit claims rose unexpectedly; Manufacturers' orders gained in December
Markets News Thursday: Deutsche Bank reports net income of €5.0 billion in 2009; Embattled Toyota swung into black in last quarter
Thursday Newspaper Review - Irish Business News and International Stories - - February 04, 2010
Growth of global service sector moderated in January
Obama raises issue of China's dollar-pegged currency at time of rising tensions