Tuesday, October 6, 2009

Unemployment Report for September

On October 2nd, 2009, the BLS released it's September unemployment situation report. Again the news is not good. The big story is job loses increased (-263,000 NFP Sep vs. -201,000 NFP Aug) by 24%. Pretty scary. If the recession were really ending, we would expect job losses to shrink rather than grow in September. The trend is in the wrong direction. Mostly likely the drop is due to variability as the country slowly climbs out of the recession. However, It could mark the beginning of a second dip in a double dip recession. Next months report is crucial for establishing the trend.

Black unemployment also jumped from 15.1% to 15.4%. 2,687,000 Black people were listed as unemployed. The Black unemployment rate as increased by and astounding 73% since the start of the recession in December 2007 (from 8.9% to 15.4%)

To complete the picture, the unemployment rate plus the working part-time/want full time rate hit 17%.

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