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Economy

Unemployment Shows Jobs Disappearing Rapidly

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By Douglas A. McIntyre Updated Published
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Labor_department_logoToday’s jobs numbers are taking the U.S. deeper and deeper into recession.  Technically, the U.S. economic data is not showing a recession, but ask anyone on Main Street or Wall Street about the state of the economy and they will give you people are hurting.  Unemployment was 6.1% and non-farm payrolls were -159,000, marking the ninth consecutive month of job losses.

Dow Jones had unemployment expected at 6.1% and non-farm payrollsexpected at -105,000 jobs.  Bloomberg was also at 6.1% expectedunemployment and it showed consensus non-farm payrolls at -100,00 jobs.

This now puts the total tally of jobs lost at 760,000 in 2008. This data does not reflect whateconomist fear.  Many economists are expecting the September toactually be one of the better reports compared with what lies ahead in Q4.

The good news is that the revision to non-farm payrolls in August went from -84,000 down to -73,000, and there was no revision to the 6.1% unemployment from August either. September showed a drop of 51,000 manufacturing jobs and -82,000 service jobs.  The work week fell 0.1 hours to 33.6 hours and average hourly wages rose $0.03 to $18.17.

What kind of bread do they offer in those free bread lines?

Jon C. Ogg
October 3, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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