Commissioner's Statement on the Employment Situation News Release — 2009-11-06

Advance copies of this statement are made available to the press under lock-up conditions with the explicit understanding that the data are embargoed until 8:30 a.m. Eastern Standard Time. Thank you for the opportunity to discuss the employment and unemployment data we released this morning. In October, the unemployment rate rose to 10.2 percent, the highest rate since April 1983, and nonfarm payroll employment declined by 190,000. Since the start of the recession, payroll employment has fallen by 7.3 million. Job losses have averaged 188,000 over the past 3 months. The declines are much smaller and less widespread than they were last fall and winter. Nevertheless, some industries are still experiencing notable employment declines. In October, construction lost 62,000 jobs, manufacturing 61,000, and retail trade 40,000. In construction, October job losses were concentrated among nonresidential specialty trades and heavy construction.