September’s employment decline was the largest since 1991; even so, it may understate the changes taking place. Payroll employment fell 199,000, its fourth decline in the past six months. Preliminary third-quarter estimates show an average monthly loss of 52,000 jobs, more than double the monthly average for the second quarter. Manufacturing suffered the biggest monthly loss (down 93,000 jobs), followed by retail trade and services (down 44,000 and 41,000, respectively). Only one sector showed any gains, one was unchanged, and all the rest posted declines.
Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-10, pp. 12, 10.01.2001.