US lost 95,000 jobs in September
Economists had expected the number of workers to remain unchanged. The unemployment rate is steady at 9.6%.
By Shanthi Venkataraman, TheStreet
The number of employed Americans fell by 95,000 in September. Economists were expecting the figure to be little changed, according to estimates from Briefing.com. The U.S. economy lost 57,000 jobs in August, revised from 54,000.
The unemployment rate was unchanged at 9.6%. Economists had expected the rate to climb to 9.7%. The number of discouraged workers -- those who no longer look for work because they believe no jobs are available -- rose by 503,000 to 1.2 million.
U.S. companies added 64,000 jobs during the month, lower than the projected increase of 75,000. Estimates of economists polled by TheStreet ranged from 60,000 to 100,000.
The government shed 159,000 jobs, reflecting the loss of temporary jobs related to the census and job losses in local government. Economists were expecting more job losses at the local government level as state governments battle heavy deficits and cut education costs.
The health care sector added 24,000 jobs in September. It has added 21,000 jobs per month on average this year.
The services sector added 28,000 jobs, with temporary help accounting for most of the gains. Leisure and hospitality showed the strongest job gains, employing 34,000 more people.
Construction, which has borne the brunt of the recession, shed 21,000 in September after adding 19,000 in August. The sector has shown little change in payrolls this year.
Employment in manufacturing, wholesale and retail trade was little changed.
The average workweek for all employees remained unchanged at 34.2 hours. Average hourly earnings rose 1 cent to $22.67 in September.
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[BRIEFING.COM] Equity indices remain on the defensive with the S&P 500 trading lower by 0.5%.
Market participants received just a handful of economic reports this week and none of them have caused a noteworthy reaction in the market. However, things are shaping up to be a bit different next week with a full dose of economic data on the schedule.
The week will start on a relatively quiet note with Monday's data limited to the June Pending Home Sales report. On Tuesday, ... More
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