Employment in the labor market was weaker in September with 263,000 jobs lost – worse than the 167,000 decline predicted by a consensus of economists.
This is the 21st consecutive month of job losses, and the rate of decline accelerated versus the August report. Since the recession began in December 2007, some 7.2 million jobs have been lost.
The securities industry continued to fare reasonably well versus the overall employment scenario. Job loss amounted to only about 600 for the month of September; ranking it among one of the most benevolent periods in a year for this group.
It appears that we are in a trough with further heavy job losses seeming unlikely when we factor in the continued activity in job postings and aggressive hiring plans being reported by our employers for 2010.
Finance and Insurance
This broader sector took another hit losing nearly 28,000 jobs, mostly in the banking sector as banks and mortgage related areas continued to make adjustments to payroll costs. The Insurance sector also reported a contraction of about 8,000 jobs for the month.
Jeff Testerman is vice president of BrokerHunter.com, which is hosting an online “virtual” career fair on Wednesday, October 21.