Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
New Hires At the Lowest In Six Months
ROSELAND, N.J. (10/31/13)--The first October jobs numbers, released yesterday, indicate that the dysfunction in Washington has had a significant short-term effect on the labor market.

Employers added 130,000 workers this month, according to the New Jersey-based ADP Research Institute. But the figure is at a half-year minimum--lower than economists thought it would be, with analysts saying that the shutdown slowed job growth in October by almost 25%.

A median forecast of 39 economists polled by Bloomberg predicted that there would be an additional 150,000 jobs this month (Bloomberg.com, Oct 30). Moody's said that the shutdown slowed private sector job growth in October by about 30,000 (Moody's Economy.com, Oct. 30).

Moody's did note that job growth is expected to be higher in November, with federal employees receiving back pay and the holiday shopping season starting. Federal Reserve officials, who met Tuesday and Wednesday, also extended stimulus programs in light of the congressional gridlock. (See related News Now story, CUNA On Fed Decision: Margin Compression To Continue To Mid-2014, in today's issue.)
 
Of the additional 130,000 jobs, service industries accounted for 107,000; trade, transportation and utilities represented 40,000; manufacturers, builders and other goods-producing industries made up 24,000; and business and professional services jobs added another 20,000 to payrolls.

Moody's pointed out that service job gains were down by 23,000 in October and that business and professional services employment--a sector that includes government contractors--was repeatedly adding more than 40,000 jobs per month earlier in the year.

Among other sectors that saw employment shrink, the financial sector--banks, insurance companies, real estate and leasing--shed 5,000 jobs this month, the largest drop since February 2011.


RSS print
News Now LiveWire
Falling #gas prices: Pros, cons for U.S. economy #NewsNow #Market http://t.co/XWwwERwe7e
7 hours ago
Members of Interstate FCU have voted to merge with Credit Union of Southern California https://t.co/yYeSWEG4GH
10 hours ago
.@InfinityFCU has named Liz Hayes as president/CEO. Hayes was formerly EVP and chief administrative offficer at @Affinity_Plus
10 hours ago
.@wpcu battles Speedway in round 3 of Dayton Brand Madness via @DBJnews http://t.co/EbQL5f9be8
12 hours ago
New at #NewsNow: Fed regulators approve new #QRM rule. http://t.co/Bdz5q43xjZ
12 hours ago