Info on the Job Market

Jobless report: The credit crisis is creating even more worry about the labor market outlook, and there was little consolation in the jobs report today. All signs are pointing to further deterioration in the months ahead. The big question is how bad it will get and how quickly. Friday's report on September employment illustrated that. Non-farm payrolls fell 159,000, much more than the consensus forecast of 105,000. That follows a 73,000-decline in August. The unemployment rate remained at 6.1 percent, a five-year high. On Thursday, the government reported that weekly jobless claims rose to a seven-year high of 497,000, while the four-week moving average rose to 474,000. Continuing claims rose to a five-year high. (market report courtesy of Mike Fink- Countrywide Home Loans.)