Friday, October 2, 2009

More Confirmation of the Double Dip

Nonfarm payroll employment continued to decline in September (-263,000), and the unemployment rate (9.8 percent) continued to trend up, the U.S. Bureau of Labor Statistics reported today. The largest job losses were in construction, manufacturing, retail trade, and, most interestingly, government.

The unemploymant level is at the worst in 26 years.

Since the start of the recession in December 2007, the number of unemployedpersons has increased by 7.6 million to 15.1 million, and the unemploymentrate has doubled to 9.8 percent.

The decline in government workers is a sign that falling tax revenues at the state and local levels are impacting those governments' abilities to maintain payrolls. Thus, government employment was down by 53,000 in September, with the largest decline occurring in the non-education component of local government(-24,000).

No comments:

Post a Comment