Posted on 10/08/2010 7:44:18 AM PDT by traumer
The U.S. economy unexpectedly shed jobs in September for a fourth straight month as government payrolls fell and private hiring was less than expected, hardening expectations of further Federal Reserve action to spur the recovery.
Nonfarm payrolls dropped 95,000, the Labor Department said on Friday. Private employment, a better gauge of labor market health, increased 64,000 after rising 93,000 in August. A total of 77,000 temporary jobs for the decennial census were terminated last month.
Job seekers wait in line to have their résumés reviewed. Robyn Beck | AFP | Getty Images Job seekers wait in line to have their résumés reviewed at the second annual Anaheim/Orange County Job Fair.
Analysts polled by Reuters had expected overall payrolls would be unchanged, with private-sector hiring gaining 75,000.
The government revised data for July and August to show 15,000 more jobs lost that previously reported. It also said its preliminary benchmark revision estimate indicated employment in the 12 months to March had been overstated by 366,000.
The unemployment rate was unchanged at 9.6 percent in August. In the wake of dovish speeches by senior Fed officials, including Chairman Ben Bernanke, analysts believe it now almost certain the U.S. central bank will launch a second round of asset purchases—with any expecting a move in November.
"They may delay it till December, but the odds favor we get something,'' said Michael Strauss chief economist at Commonfund in Wilton, Connecticut.
Expectations the Fed, which has already pumped $1.7 trillion into the economy by buying mortgage-related and government bonds, would announce a second phase of quantitative easing at its Nov. 2-3 meeting have buoyed U.S. stocks and prices for shorter-dated government debt and have undercut the dollar.
The employment report is last before the Nov. 2 mid-term elections in which President Barack Obama's Democratic Party
(Excerpt) Read more at cnbc.com ...
In one sentence... :o)
” as Easing Looms “
What am I missing??
I thought the Fed has had interest rates bouncing at, or near, zero for years...
Where is there any ‘tightness’ left to ‘ease’ in the system??
And yet we're holding steady at a 9.6% rate.
Does anyone believe this crap? How about the media? News divisions are shrinking, newspapers are going out of business, Newsweek sold for $1 -- but they want to report that the economy is holding steady??
In an attempt to ease the loss of jobs and decrease the size of the future obligations of the dederal government in real terms, the Fed will continue to trash the dollar. This policy will continue until the bond markets finally tire of the game and interest rates increase. The bond market is the next bubble as long as Bernanke plays this game.
I had to switch to orange juice in the FR “unexpected” drinking game. My liver couldn’t keep up.
They hope that the banks will then be more willing to lend money, but there is a good chance that the banks will sock the money away in a vault and wait for a less crazy president to take charge.
Ummm, riiiiight
Actually, jobs fell 110,000 when you account for revisions to the recent data, and fell ANOTHER 366,000 when you add in the benchmark update.
Yeah, the economy is collapsing all around and magically we’re holding steady at a 9.6% unemployment rate.
Expected unexpected expectation.
The Dickens novel, Great Expectations, can be retitled Great Expected Unexpected Expectations.
The bizarre world of the 0bama administration. Everything is unexpected to the nitwit media fools that helped elect this dimwit loser jackass of a president.
I remember Easing Looms. He was a great gut-bucket blues guitar player.
9.6%, my patookie! We all could be unemployed and Obama’s Communist propaganda ministers would proclaim only a 9.5% unemployment rate.
WTF, is this a "get your daily FIBER commercial"?
“unexpectedly”. The only folks who didn’t expect this are Obama’s ‘true believers’. fools.
We need to investigate WHO the hell is in charge of reporting these false numbers and his affiliation with Mr. LOSER. I SMELL A BIG FAT LIAR RAT at the helm.....BUT, Mark it...when the republicans take over both houses the mediaWHORES will be screaming and quoting these same numbers as the END OF THE AMERICAN BUSINESSES...bank on it!!!
“The Dickens novel, Great Expectations, can be retitled Great Expected Unexpected Expectations.”
I didn’t expect that.
Hell, just claim another billion or so people left the job market last month, and declare unemployment at 4.3%.
The recovery is complete!
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