U.S. nonfarm payrolls declined by 190,000 in October 2009, continuing the string of job- loss reports to 22 months in a row.
Since the recession began in late 2007, over 7,300,000 jobs have been lost. The markets were expecting a loss of around 150,000, but the negative surprise was softened by positive adjustments to prior months' figures.
Unemployment continued to increase to 10.2%, the highest level since 1983. Employment as a lagging indicator continued to fall even as the economy grew at a 3.2% rate for the third quarter.
The Securities Industry fared relatively well in October with the first report of a gain in employment - the first rise in over a year.
Employment crept up by 2,400 jobs for the month in this segment, as firms begin to ramp up hiring due to an improvement in trading volumes and more comfort among investors about moving back into the markets.
Finance & Insurance
Employment in the broader sector improved marginally after taking some big hits in the previous two months - losing over 58,000 jobs during August and September. At this point, just a halt in the slide is welcome, hinting at stabilization of employment at banks and insurance companies.
Jeff Testerman is vice president of BrokerHunter.com.