Payroll employment dropped sharply in October, posting an unusually large preliminary loss (415,000 jobs net). This decline is twice as large as September’s and the largest recorded since May 1980. Revisions for August, however, show that job losses were only half of what had been reported earlier, although September’s revisions were minor.
Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-11, pp. 12, 11.01.2001.