Forex News NFP as expected Unemployment rate higher than expected

Written January 9, 2009 at 8:30 AM EST by  

 

NFP: 524K  versus 520K Expected
Unemployment Rate: 7.2% Versus 7.0% expected

Prior month revised higher to 584K from 533K. October was also revised higher to -423k from -320K.

Total jobs lost in 2008 totaled 2,589K. During the 2001 to 2003 job recession, the total jobs lost was 2.708 Million but this was over 30 months. This job recession is only 12 months to date.  

Manufacturing lost -149K jobs which is higher than expectations.  
Construction lost -101K jobs 
Financial lost -14K
Trade, Transportation and Utilities lost -121K.   Retail Jobs only lost 66K jobs.  This probably kept the headline not a disaster.  Last month 100K jobs were lost. 
Health added 45K.  It continues to add due to demographics

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