Monday, October 11, 2010

National UR unchanged, UO Index looking down, and more

The nation's unemployment rate for September 2010 was 9.6 percent -- essentially unchanged since the beginning of the year. Total employment increased by 428,000. Unfortunately, the economy usually adds even more jobs this time of year; the increase was nearly 100,000 jobs short of seasonal expectations. Both federal and local governments lost jobs. On the Federal side, the losses occurred as more of the temporary Census jobs ended. The private sector gained more jobs than expected.

More details are available in the full press release from the Bureau of Labor Statistics.

The UO Economic Index for August was released last Thursday. The latest index states, "Compared to six months ago, more than half the index components declined while the UO Index fell 5.9 percent (annualized). In the past, declines of this magnitude signaled impending weakness in Oregon nonfarm payrolls."

Negative indicators included a growth in unemployment insurance claims and a decline in consumer confidence. One positive sign among the news was that manufacturing activity (as measured by orders sent to manufacturers for new goods) continues to show growth. The full report is available at:

Within the next week (or so) the UO will also release indices for several metro areas around the state. Stay tuned!

In other news from the the University of Oregon: They won 43-23 against Washington State this weekend, bumping them to 2nd place in the BCS rankings.

Also in the news: The H-2B "guest worker" program. This program is facing some possible rule changes. If enacted, the new rules "could substantially increase wages for low-income workers in areas where employers want to bring in foreign workers." You can read more about the program and proposed changes in the original article from The Oregonian.

On the blog tomorrow: More employment news for Oregon and local areas.

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