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Temp Jobs Up Signal Better Days Ahead

By Vincent Farrell Jr.

 About this article:
 The unemployment rate jumped to 10.2%, the worst in years. There were 190,000 jobs lost, more than the hoped-for 180,000 or so. The U6 rate of unemployment, which counts part-timers who want full-time work and also workers who have dropped out of the game and stopped looking, rose to a record 17.5%. September and August were revised, and 91,000 fewer jobs were lost in those months. The three-month average of jobs lost is 178,000 which is a big improvement from earlier in the year. The good news in the report is that temporary jobs rose by 34,000, and that is often an early warning signal of better days. Average hourly earnings rose by 0.3%, but the average work week didn't budge and stayed at 33 hours. The 10.2% is definitely an "ouch" since the labor force did not expand, and the 17.5% U6 is a double ouch. But...

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