Ugly NFP: -263k

Futures no likey NFP report:

10.2.09 futes

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Two interesting observations:

1)this level of labor Under-utilization means there is no inflation threat any time soon;

2) Look for the conspiracy theorists to blame Goldman Sachs gov’t contacts for their lowered forecast of NFP numbers yesterday — and not the ugly ADP data . . .

Here is the official data:

THE EMPLOYMENT SITUATION — SEPTEMBER 2009

Nonfarm payroll employment continued to decline in September (-263,000), and the unemployment rate (9.8 percent) continued to trend up, the U.S. Bureau of Labor Statistics reported today. The largest job losses were in construction, manufacturing, retail trade, and government.

Household Survey Data: Since the start of the recession in December 2007, the number of unemployed persons has increased by 7.6 million to 15.1 million, and the unemployment rate has doubled to 9.8 percent. (See table A-1.)

Unemployment rates for the major worker groups–adult men (10.3 percent), adult women (7.8 percent), teenagers (25.9 percent), whites (9.0 percent), blacks (15.4 percent), and Hispanics (12.7 percent)–showed little change in September. The unemployment rate for Asians was 7.4 percent, not seasonally adjusted. The rates for all major worker groups are much higher than at the start of the recession. (See tables A-1, A-2, and A-3.)

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Source:
THE EMPLOYMENT SITUATION — SEPTEMBER 2009
BLS, October 2, 2009
http://www.bls.gov/news.release/empsit.nr0.htm

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