Manufacturing Sheds 39,000 More Workers In October

Nov. 3, 2006
Overall, U.S. job creation remains sub-par.

In its final report on U.S. employment before the Nov. 7 mid-term elections, the U.S. Labor Department reported on Nov. 3 that the manufacturing sector of the economy lost another 39,000 jobs in October. Plastics and rubber products makers cut payrolls by 14,000, mainly as a result of strike activity in rubber products manufacturing. Motor vehicle makers cut payrolls by 15,000, and manufacturers of wood products trimmed payrolls by 5,000. Food manufacturers reduced payrolls by 2,800, and chemical producers cut 2,000 jobs.

U.S. manufacturing employment now stands at 14.18 million.

Total U.S. non-farm employment increased by 92,000 in October, well below gains of 148,000 jobs in September and 230,000 in August. Economists generally were anticipating a jobs gain of 125,000 in October, 33,000 more than the actual number created.

The U.S. needs to generate a monthly average of about 150,000 jobs just to keep up with population growth.

The U.S. unemployment rate, which is based on a separate survey, fell to 4.4% in October from 4.6% in September.

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