Saturday, September 29, 2012

USA Jobless Rate Slightly Jumps in September 2012

The jobless rate probably rose in September as employers kept a lid on hiring, showing why Federal Reserve policy makers have zeroed in on shoring up the U.S. labor market, economists said before a report this week.
The rate rose to 8.2 percent from 8.1 percent in August, according to the median forecast of 62 economists surveyed by Bloomberg before Oct. 5 figures from the Labor Department. Payrolls increased by 115,000 in September, less than the 139,000 average over the first eight months of the year, the report may also show.
Persistent joblessness may curb wage gains and limitconsumer spending, representing another impediment to an economy facing a slowdown in manufacturing as global demand cools and businesses curtail investments. Fed Chairman Ben S. Bernanke and his colleagues at the central bank pledged this month to keep pumping money into financial markets until employment picks up.
“We’re looking for pretty sluggish payroll growth,” said Peter D’Antonio, an economist at Citigroup Global Markets Inc. in New York. “This will be more of the same, what Bernanke called ‘worrisome.’ It may reflect weakness coming from abroad, weakness in manufacturing, and the gains aren’t being helped by risks from fiscal policy.”
September’s projected payroll increase would follow a 96,000 gain the prior month.
This week’s release marks the next-to-last employment report before the November elections, in which economic issues play a central role.

Americans Budget spending Pie Chart