Stocks are lower as September job losses rise more than expected
The Labor Department says employers cut 263,000 jobs last month, up from 201,000 in August. That is far above the 180,000 job losses economists had been expecting. The unemployment rate has risen as expected to 9.8 percent.
Unemployment has been one of the market’s biggest concerns throughout the recession because it has a big impact on consumer spending.
A spate of bad economic news leading up to Friday’s disappointing jobs report has investors rethinking the rally that began in March on the first signs of a turnaround.
Stocks are lower after mixed economic reports
The Labor Department said new claims for jobless benefits rose more than expected to 551,000, evidence that the labor market is struggling and jobs remain scarce. Economists polled by Thomson Reuters had predicted claims to rise to 535,000.
The increase comes after three weeks of declines, and just before the Labor Department’s September unemployment report. Economists forecast that report will show the unemployment rate rose to 9.8 percent from 9.7 percent in August. Most economists expect the rate to top 10 percent by early next year.
Meanwhile, the Commerce Department said consumer spending surged by the largest amount in nearly eight years in August, as personal income growth lagged. Even so, economists worry whether that rebound can be sustained with U.S. households facing rising unemployment and tight credit conditions.
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