US employers cut far more jobs than expected in September

[marmar]

U.S. Employers Cut 263,000 Jobs, More Than Forecast (Update2)
By Bob Willis


Oct. 2 (Bloomberg) -- Employers cut more jobs than forecast last month and the unemployment rate rose to a 26-year high, calling into question the sustainability of the economic recovery.

The unemployment rate rose to 9.8 percent, the highest since 1983, from 9.7 percent in August, the Labor Department said today in Washington. Payrolls fell by 263,000, following a revised 201,000 decline the prior month that was less than previously reported.

Federal Reserve Chairman Ben S. Bernanke yesterday said the expansion may not be strong enough to “substantially” bring down unemployment, indicating the central bank will be slow to drain the trillions of dollars it’s pumped into the economy. UAL Corp. is among companies still cutting jobs on concern spending will fade as government stimulus wanes.

“Only profitable firms will hire workers and we don’t have any assurance that firms will be profitable for the next year,” said Guy LeBas, chief economist at Janney Montgomery Scott LLC in Philadelphia. “Consumer spending is going to be constrained by weaker incomes.”

Stock-index futures slid after the report, extended earlier losses, and Treasury securities rose. The contract on the Standard & Poor’s 500 index was down 1.2 percent to 1,015.1 at 8:51 a.m. in New York. The yield on the benchmark 10-year note fell to 3.14 from 3.18 percent late yesterday.

Revisions subtracted 13,000 from payroll figures previously reported for August and July. ..............(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aZCXOOaX_XWI

[AllentownJake]

1. Said a month ago this was a suckers rally

I was laughed at

[Skittles]

5. not me, AJ

I know damn well there is no recovery

[AllentownJake]

6. Nope, you get it too

Than again we have chosen a reality based existence.

[Skittles]

10. I've never known if that's a blessing or a curse

the chronically ignorant / brainwashed seem to have much less angst in their life

[AllentownJake]

13. True

However they are chronically surprised

[MercutioATC]

14. You and me both.

I stopped warning people. If they want to keep their heads in the sand, screw 'em.

[Triana]

2. NO drop in unemployment, NO jobs = NO RECOVERY

PERIOD.

[bigwillq]

4. Exactly.

And anyone saying otherwise is not telling the truth.
The economy will not be better for the average person unless people go back to work.

[melm00se]

8. No Recovery = NO drop in unemployment, NO jobs

[Laf.La.Dem.]

3. What will Rush talk about today??

Jobs (ALL Obama's fault) Bush left the country in perfect shape:freak:

[lunatica]

7. Is anyone surprised?

If they are they're fools.

[AllentownJake]

9. Post that in GDP and you are an enemy of the people

:rofl:

[lunatica]

11. Yeah. I'll show them my lay off letter that I got in September

[AllentownJake]

12. Why do you hate President Obama

:rofl:

Stop talking about the bad things. Focus on the good things. You are allowing the Republicans to get back in power.

[Kansas Wyatt]

16. The Democrats are allowing the Republicans to take power back.

Both work for and represent Corporate America.

What are these "good things" you speak of?

[tonysam]

15. It's the jobs, stupid

Obama should have gotten on this the day he took office instead of frittering away so much of his political capital on Wall Street bailouts or wasting time on health care reform that was going to be sabotaged from the beginning.

Oh man, things are DIRE out here.