Unemployment Fell in Late October on Holiday Hires, Stimulus Expectations, Gallup Poll Says

U.S. unemployment fell during the last half of October, indicating that the Federal Government-measured unemployment rate over the next month may drop to its lowest levels in more than a year, Gallup reported Friday, citing its survey of more than 18,000 people.

About 9.4% of U.S. workers were unemployed at the end of October, down from about 10% a month earlier but about about even with the end of August, according to Gallup. Unemployment among men dropped about one percentage point, while female unemployment was little changed.

The late-October drop in unemployment may be the result of retailers bumping up hiring in advance of the holiday season, which may be the most active since the most recent recession began in late 2007. Additionally, private companies may be hiring more people now that the Federal Government plans to inject about $600 billion into the economy, Gallup says.

Earlier today, the U.S. Labor Department reported that the economy added 151,000 jobs in October, marking the first increase in five months. The Labor Department also revised the total job losses for September and August. September's job losses were chopped to 41,000 jobs from the initial estimate of 95,000, while August's loss was negligible, down from the previous 57,000 jobs lost.

Still, because of population increases and more people looking for work, the unemployment rate remained at 9.6%. Unemployment has been at least 9.5% for 14 months, the longest such stretch since the 1930s, according to Labor Department statistics.

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tomahawkkid57

It lower'd because peoples benefits expired and they fell off the record.

November 06 2010 at 5:43 AM Report abuse +2 rate up rate down Reply
1 reply to tomahawkkid57's comment
clark8642

The unemployment rate is not measured by the number of people drawing unemployment compensation. It is measured by the number of people actively looking for work who are unable to find work. Many of those people actively looking for work are drawing unemployment checks but that is irrelevant in terms of the unemployment rate. Maybe what you meant is the fact that people who are too discouraged to look for work are not counted?

November 06 2010 at 2:36 PM Report abuse +1 rate up rate down Reply
mikfete58

Also, watch GOLD skyrocket because of the $600 billion stimulus from Obama and the Fed. Gold $1,500.00 by March, 2011. Silver $50.00 by same time.

November 06 2010 at 5:30 AM Report abuse +1 rate up rate down Reply
1 reply to mikfete58's comment
clark8642

Excellent. The government has tons of gold it can sell to help pay for the deficit. While we are at it we can sell our stockpiles of silver and oil. That should lower the prices of those commodities if that is your concern and make us some money at the same time.

November 06 2010 at 2:38 PM Report abuse +1 rate up rate down Reply
mikfete58

We are in GREAT DEPRESSION # 2. Most of the jobs created are service sector (Wal-mart, McDonalds, and those jobs for the Christmas season)and are temporary. REAL manufacturing jobs are gone. Commodities such as food, oil, and clothing, are ready to skyrocket in price due to low yields worldwide. Food crops such as wheat,rice and corn will always be in high demand because there are 7 billion people worldwide andthere is always a huge demand for oil. The clothing/apparel industry just had a shotgun blast with cotton prices ip 51%!!! HYPERINFLATION COMING! BE PREPARED! THESE 3 COMMODITIES MAY BECOME UNAFFORDABLE AS EARLY AS NEXT SUMMER!

November 06 2010 at 5:28 AM Report abuse +2 rate up rate down Reply
petergioe

I don't get it. This article states the following regarding the unemployment rate: On the one hand it states, "About 9.4% of U.S. workers were unemplyed at the end of October....According to Gallop." Later in the same article it states: "Still....the unemplyment rate remained at 9.6%....accordiing to the Labor Department statistics." MY COMMENTS: I didn't know that the Gallop organiztion tracked the unemployment rate. I do know the Labor Dept does. They cannot both be right. The article is confusing or intentionally misleading.The unemployment rate reamins at 9.6%.The author either doesn't know what he is writing about or he is purposely trying to make things lok better then they are!!!!!!!!

November 06 2010 at 2:23 AM Report abuse +1 rate up rate down Reply