October Jobs Report: How Bad Will it Be?

A look at what economists are expecting to see in Friday's Labor Department report.


Tomorrow’s jobs report is not likely to be pretty. Economists are expecting the tab of job losses in October will be the highest so far this year. Brian Wesbury and Robert Stein of First Trust Advisors are expecting we’ll see roughly 200,000 jobs lost in October. Goldman Sachs U.S. Economic Research upped their expectations to 300,000 from 250,000.

Here’s a look at the payroll cuts of 2008, as reported by the Labor Department:

January: -76,000

February: -83,000

March: -88,000

April: -67,000

May: -47,000

June: -100,000

July: -67,000

August: -73,000 (preliminary)

September: -159,000 (preliminary)

U.S. News blogger G.L. Hoffman reports he's found a bright spot. Hoffman is chairman of JobDig, which operates LinkUp, a job search engine that aggregates openings from roughly 10,000 corporate sites. On his personal blog today, Hoffman posts a chart that shows the volume of LinkUp job openings (both new and total) are up in nearly every state. “New jobs posted to their company web sites rose from 777,299 in September to just over 1 million in October,” Hoffman writes.