Unemployment Rate Rises to 10.2% as NFP Falls 190K

There was a better revision in the previous month to -219 K from -263K.  This is the one piece of good data.

 

The workweek stayed unchanged at 33.0 hours.  Manufacturing shed -61K jobs.  7.304 million people have lost their jobs since January 2008

Some other data shows that Temporary Workers showed an increase of 33K for the 3rd monthly gain in a row (revisions were higher). This suggests that there may be some shift in some sectors leading to employers hiring some temp worker until that time when the trend is fully established.

The underemployment rate rose to 17.5% from 17% last month. This is another bad indicator for spending going forward.

Overall with revisions, NFP not so bad as the revisions helped, but the details are not so great with the unemployment rate still rising and the underemployed rising as well. Stocks are down about 80 points currently. Oil is down over $2 pointing toward slower economy.  The Fed is on hold for an extended period as per their announcement this week.  Workweek at record low levels suggests slack in the economy still despite the Temp worker increase.