US economy shed 190,000 jobs in October, above forecasts of 175,000

US Chems, Plastics Cut Jobs As Oct Unemployment Surges To 10.2%
November 6, 2009
ICIS News

HOUSTON – Jobs in the US chemicals and plastics industries each declined 0.1% month over month in October while the overall US unemployment rate skyrocketed to a 26-year high at 10.2%, the Labor Department said on Friday.

US chemical sector job losses totalled 1,200 in October from September, leaving the seasonally-adjusted workforce total at 801,100. That figure is down 5% from 843,400 employed in October 2008.

The US chemical losses are part of a global trend, which has seen chemical companies cut more than 82,000 jobs since the financial market crash of September 2008, according to company announcements reported on ICIS news.

Meanwhile, US job losses in the plastics and rubber products sector were 900 in October from September, lowering the seasonally-adjusted workforce to 628,700. That number was off 12.8% from 721,100 employed a year ago.

Overall, the US economy shed 190,000 jobs in October, above forecasts of 175,000, according to news reports. The US has now recorded 22 consecutive months of job losses.

The 10.2% unemployment rate was up from 9.8% in September and well ahead of the 9.9% expected by most economists, reports said. The rate is the highest since April 1983.

“Having the unemployment rate reach double-digits is a stark reminder of how much work remains to be done before American families see the job gains and reduced unemployment that they need and deserve,” said Christina Romer, chair of President Obama’s Council of Economic Advisers.

Romer added that the unemployment rate served as “painful evidence of continued labour market weakness”.

The largest job losses for the month were in construction, manufacturing and retail trade, the Labor Department said.

The construction and manufacturing sectors are each crucial end-use markets for chemicals and plastics. Construction lost 62,000 jobs in October, following a loss of 64,000 in September, while manufacturing shed 61,000 jobs . 

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See Also Shocking numbers: Real unemployment tops 22% Obama figures deliberately understate economic downturn:

 Excerpt – “The true rate of unemployment for October 2009 may be 22.1 percent, not the 10.2 percent reported by the Bureau of Labor Statistics, Jerome Corsi’s Red Alert reports.

Unemployment at 22.1 percent, if accurate, would be at numbers not seen since peak unemployment during the 1973 to 1975 recession.