October Employment

The Bureau of Labor Statistics releases October 2008 employment numbers.

With unemployment on the rise and volatility in the economy, U.S. Secretary of Labor Elaine L. Chao issued a statement concerning the recent October employment situation report:

“Today’s report underscores the importance of restoring the health of our banking system and credit markets so that employers can rebound and create jobs. It will take time for the impact of the economic rescue package to be felt on the broader economy and the labor market.”

As posted by the Bureau of Labor Statistics on November 7, 2008, employment fell by 240,000 jobs.  This equates to an increase in the unemployment rate to 6.5 percent. It is reported that in October the job losses continued in manufacturing, construction and service provider industries. For more detail information view the October Employment Situation release at: http://www.bls.gov/news.release/empsit.toc.htm.