Magazine article Mortgage Banking

Employment Falls for Fourth Straight Month

Magazine article Mortgage Banking

Employment Falls for Fourth Straight Month

Article excerpt

Nonfarm employment decreased by 95,000 in September, driven by a 159,000 decrease in government sector jobs, though partially offset by an increase of 64,000 private-sector jobs, the Labor Department reported on Oct. 8.

This was the fourth monthly decrease in overall nonfarm employment and also the fourth straight monthly decrease in government payrolls. Private-sector employment has increased for nine consecutive months. In breaking down the loss in government jobs, 77,000 were from the termination of temporary census jobs and 76,000 were cuts made in local government employment--a majority of which were in education. Most nongovernment sectors added jobs or were flat, except construction, which lost 21,000 jobs.

The unemployment rate remained unchanged at 9.6 percent. The number of long-term unemployed (jobless for more than 27 weeks) fell to 6,1 million in September, a decrease of 126,000 from August, but is still 676,000 higher than the same month last year. The share of all who have been unemployed for more than 27 weeks decreased to 41.7 percent from 42 percent, the fourth consecutive monthly decrease for this measure. The share is still almost 6 percent higher than in September 2009, when it was 35.9 percent. The labor force participation rate was unchanged at 64.7 percent in September.

The number of workers who were employed part-time for economic reasons increased by 612,000 in September to 9.5 million. This is the largest single-month increase since February 2009, and pushes the current level to the highest in the data series. …

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