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News Link • Economy - Economics USA

September Jobs Report -95,000, As Public Sector Slashes Employment Massively

The Number: This is definitely weaker than expected. Massive cutting on the public sector level really was the culprit. The losses were split between census and non-census employees. Average hourly earnings were unchanged. The private sector did create 64,000 jobs. Markets aren't doing too much either way, actually. Background: The headline job creation number is expected to be zero, although there has been a range of estimates. Goldman is expecting a loss of 50K. Of course, the Census department cut more jobs in September, so much of the focus will be on the private sector job creation. The unemployment rate is expected to tick up just slightly, to 9.7%. Obviously the report has huge ramifications for the quantitative easing that the Fed will be considering at its meeting November 2-3.

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