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  Unemployment in U.S. Jumps to 10.2%, Payrolls Fall
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ContributorScott³ 
Last EditedScott³  Nov 06, 2009 07:45am
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CategoryNews
AuthorTimothy R. Homan
News DateFriday, November 6, 2009 01:00:00 PM UTC0:0
Description"The unemployment rate in the U.S. soared to a 26-year high of 10.2 percent in October and employers cut more jobs than forecast, underscoring why Federal Reserve policy makers say interest rates will remain low until the labor market recovers.

Payrolls fell by 190,000 workers last month, compared with a 175,000 drop anticipated by the median forecast of economists surveyed by Bloomberg News, figures from the Labor Department showed today in Washington. The jobless rate gained from 9.8 percent in September and exceeded 10 percent for the first time since 1983.

Companies such as Johnson & Johnson are cutting staff on concern the emerging recovery will be cut short as American consumers retrench. Fed policy makers this week said the economy will probably “remain weak for a time” and reiterated a pledge to keep borrowing costs low for an “extended period.”

“Labor markets overall still reflect recessionary conditions, and further downward pressure on employment and compensation is likely,” Brian Bethune, chief financial economist at IHS Global Insight in Lexington, Massachusetts, said before the report. “It is no surprise that consumer confidence is backpedaling, and the outlook for consumer spending is poor.”

Futures on the Standard & Poor’s 500 Stock Index fell 0.5 percent to 1,058.30 at 8:35 a.m. in New York. Treasuries rose, pushing the yield on the 10-year note down to 3.49 percent from 3.53 percent.

Revisions added 91,000 from payroll figures previously reported for September and August."
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