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September payrolls drop 263,000, more than expected
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| Contributor | kal |
| Last Edited | DFWDem Oct 02, 2009 11:18am |
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| Category | General |
| Media | Newspaper - USA Today |
| News Date | Friday, October 2, 2009 03:00:00 PM UTC0:0 |
| Description | Employers cut a deeper-than-expected 263,000 jobs in September, lifting the unemployment rate to 9.8%, according to a government report Friday that fueled fears that a persistently weak labor market could undermine economic recovery.
The Labor Department said the unemployment rate was the highest since June 1983 and payrolls had now dropped for 21 consecutive months.
"It shows expectations for recovery may have gotten a little ahead of the reality," said Gary Thayer, macrostrategist at Wells Fargo Advisors, of the jobs data. "We're probably still on track for recovery, but it's going to take time to unfold."
Adding to the weak jobs news, new orders to U.S. factories fell in August by the largest amount in five months.
The Commerce Department said demand for manufactured goods dropped 0.8%, much worse than the 0.7% gain that economists had expected. The August decline reflected plunging demand for commercial aircraft, a category that surged in July.
Economists worry that factories will remain under pressure because of weak consumer spending as American households deal with continued layoffs and rising unemployment.
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