U.S. Unemployment Hits 10.2%
Bad numbers on employment continue. Non-farm payrolls came at -190k vs. -175 k consensus and -263k last month.. Contrary to my guess yesterday. Unemployment has hit 26-year high of 10.2%. Average hourly earnings up 0.3% vs. 0.1% consensus. Average workweek at 33 hours, down from 33.1 last month. Bloomberg story: Unemployment in U.S. Jumps to 10.2%, Payrolls Fall.
Chart 1. Non-farm Payrolls: Monthly and Yearly Change
Source: Econoday
Chart 2. Civilian Unemployment Rate
Source: Econoday