U.S. loses 190,000 jobs in October

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Job MarketToday the Bureau of Labor Statistics (BLS) released new data and reported 190,000 jobs were lost in October. Although that figure means 190,000 people lost their jobs–a reality no one can be pleased about–it is a better figure than the 219,000 jobs lost in September. Look back to a year ago, when the numbers hit 597,000 in November 2008 and only got worse for the next five months. In that regard, the outlook is definitely more positive than it was only a few months ago. The unemployment rate also came out today, and at 10.2 percent it set a record for the highest rate since April 1983.

So are there any bright spots?

Yes, actually. Health care added 29,000 jobs in October. Temporary employment services had steadily lost jobs in the beginning of the year, but in October they added 34,000 jobs. Companies have the need for more workers, but they’re cautious of adding new permanent employees. If the economy struggles again, they’d prefer to not renew temporary workers’ contracts rather than layoff a group of employees.

Two CareerBuilder.com experts were on TV to discuss the job numbers and the job outlook this morning.

First up, watch CEO Matt Ferguson on CNBC.

And senior career adviser Michael Erwin was on CBS 2 in Chicago. Watch that clip here.

You can also read the detailed, full report from the BLS on its site.

  1. http://msn.careerbuilder.ca/Article/MSN-3-Job-Info-Trends-10-Stressful-Jobs-That-are-Worth-It/?lr=int_camsn&cblang=CAEnglish&ArticleID=3&SiteId=cbmsnca_a3&sc_extcmp=cbmsnca_a3&cbRecursionCnt=1&cbsid=526925de4f574ab6b8fc892264f9494f-310986246-R3-4

    What a crock! I am an Admin Assistant and I do NOT make anywhere near the posted salary. Get with the program and check the real world where employers will not/do not pay those amounts. They use the economy as an excuse to get the same amount of work at 1/3 the salary.

  2. I agree with sheppardcs! I have been an admininstrative assistant for 30 years. The highest salary I have ever made has been half of what is listed in the article. I think maybe you need to do more research on what salaries are really being paid.

  3. Several, non-government-biased economists say those unemployment numbers are skewed. They’re skewed in the sense that there are many more millions of American workers who have had to take significant cuts in pay for entry-level jobs to make ends meet. There are as many, or more, people who qualify as underemployed. I worked for a very large national retailer and we’ve been hiring engineers, and even people with MBAs to sell…footwear! These people don’t qualify for unemployment benefits and are not “unemployed” per se, but present a real problem when thrown into the mix of just how dismal the job market is.

    Thanks for the article.


  4. I always think that every time a worker is laid off you in effect lay off a consumer!
    So all these thousands no millions of people laid off is going to affect consumption which means more stimulus money being thrown at the problem.
    This is a downward spiral and the only way out of it is for companies to start hiring again otherwise they are digging there own grave fast!

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