Jobless Rates Worse, Teen Unemployment 27%

Bloomberg reports that from the economists they surveyed no one expected this type of layoffs. In fact yesterday, when we reported the unemployment insurance numbers, the expectation for today was 9.9 percent and not as high as 10.2 percent. Here is the breakdown of the job data from the U.S. Bureau of Labor Statistics.

Nearly 190,000 jobs were lost in October. Adult men worker unemployment was 10.7 percent in October of 2009 which is a change of 0.4 percent. Adult women jobless rate was 8.1 percent. Teen job loss rate was 27.6 percent.

In terms of races here is how the numbers look. White people rates were 9.5 percent. African American rates were big 15.7 percent. Latinos rate was 13.1 percent.

The highest percentage amount of job losses are in the teenager workforce leading with 27.6 percent followed by African American workforce at 15.7 percent of job loss. Hispanics and Latinos are in the third place.

Construction sector lost 62,000 jobs in October. The last three month average in this sector is 67K. Manufacturing lost 61,000 jobs. The retail industry lost 40,000 jobs.

Wells Fargo Adivos Afred Goldman has the following comment on the markets this morning.

"If the market continues to rally, our short-term caution will be dropped and we will continue to look for an up market into year-end. If the market starts to decline again, as it has been doing for over two weeks, we will assume the correction has not yet completed its work and the next couple of weeks should see the creation of better buying opportunities.

"What we all must keep in mind is that almost everyone shares the same worries; the deficit; the uncertain health bill and cap & trade; the Iranian and Afghanistan debacles; a very divisive domestic political environment. Thus, the stock market already discounts these serious uncertainties.

"Corrections in bull markets are to be expected and are positive as they help maintain the health of the bull. Our job is to ascertain whether or not the risk/reward ratio for new money is attractive or not. Stay tuned – today’s market action will be very helpful."

Congress may be very much concerned about this data, but what we hear in the news is that some analysts say don't react to these number very sensitively. We had a Phenomenal 6 months growth and the markets may be in correction at this time. Other analysits say that another stimulus package may be in the horizon to get the economy going.

Written by Armen Hareyan