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.