And they’re out and they’re way worse than expected with the non-farm economy shedding 263,000 jobs in September. That compares to estimates of 175,000, and it’s even worse than Goldman’s pessimistic estimate of 250,000.
Stocks are tanking pre-market. Get ready for lots and lots of second stimulus talk, especially with a raft of other bad economic data out there.
So-called “real unemployment” or U-6, which also includes marginally attached and discouraged workers hit 17%, compared to 16.8% last month.
And the work week fell back to a record low of 33 hours, which is inauspicious for future hiring.
Today’s jobs report will likely be one of the best in a long time, in terms of job cuts. Briefing.com puts the consensus at a loss of 175,000 jobs, with the unemployment rate climbing towards 9.8%.
Estimates are all over the map though; yesterday Goldman Sachs predicted a loss of 250,000 jobs, citing other weak jobs data, as well as the emergence of certain indicators suggesting the recovery won’t be so robust.