Unemployment Hits 10.2%
In another positive, the August job loss total was revised lower to 154,000 from 201,000. Meanwhile, September's job loss total was revised to 219,000 from 263,000.
During October, goods-producing employment continued to trend downward, contracting by 129,000 last month. Construction employment declined by 62,000 and manufacturing employment slid by 61,000.
Meanwhile, service-providing employment fell by 61,000 in September. Retail trade accounted for 40,000 of that decline, while employment in education, health care and business services rose.
Immediately following the employment report's release, U.S. stock futures plummeted while bond yields fell as well. The 10-year note was lately up 13/32 in price, dropping the yield to 3.47%, while the 30-year bond jumped 15/32 in price to yield 4.37%.Several companies announced job cuts in October, including Boeing (BA), Sun Microsystems (JAVA), Comcast (CMCSA), News Corp. (NWS), AMR (AMR), U.S. Airways (LCC) and Bristol-Myers Squibb (BMY). -- Written by Robert Holmes in New York. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV