Tags: Gallup | Unemployment | Rates | jobs

Gallup: Unemployment Rates Falling Sharply

Tuesday, 18 Oct 2011 08:00 AM

Unemployment, as measured by Gallup, fell to 8.3 percent in mid-October, down sharply from 8.7 percent at the end of September and way below 9.2 percent at the end of August, a Gallup poll finds

The Gallup unemployment rate hit 10.0 percent a year ago, and the polling firm says its figures suggest official unemployment rates for October will likely show significant decreases, which would be welcome news for embattled job seekers.

"While seasonal hiring patterns may explain some of this improvement, the drop suggests the government could report an October unemployment rate of less than 9.0 percent," Gallup says.

Current official unemployment rates stand at 9.1 percent, although Gallup warns that drop in its own rates may be something of a blip and not a sign of permanent improvement in the jobs market.

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(Getty Images photo)
"The precipitous and counterintuitive nature of this sharp improvement in the U.S. job market, as measured by Gallup over the past couple of weeks, means it could be something of an aberration that will dissipate during the weeks ahead," Gallup warns.

What little improvements that have come about in the labor market shows the economy is still very weak, experts say.

"Ongoing adjustment to the housing bubble as well as, now, growing uncertainty about economic policy at home to deal with the U.S. fiscal crisis and in Europe to deal with the euro crisis continue to weigh on confidence, financial markets, and the economy more generally," says Peter Hooper, managing director and chief economist of Deutsche Bank Securities, according to ABC News.

"Decisive action to deal with longer-term the U.S. federal debt problems via entitlement reform and tax reform, as well as decisive action in the euro area to recapitalize financial institutions and implement structural reforms and fiscal reforms would do much to turn around the financial markets, the economy, and the job situation in the U.S."

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Unemployment, as measured by Gallup, fell to 8.3 percent in mid-October, down sharply from 8.7 percent at the end of September and way below 9.2 percent at the end of August, a Gallup poll finds The Gallup unemployment rate hit 10.0 percent a year ago, and the polling firm...
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2011-00-18
Tuesday, 18 Oct 2011 08:00 AM
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