Payrolls, unemployment rise

November 03, 1992|By Bloomberg Business News

WASHINGTON -- U.S. payrolls gained 18,000 jobs in October, according to the average of 12 forecasts in a Bloomberg Business News survey.

The unemployment rate, based on a separate survey of households, rose to 7.6 percent last month, the Bloomberg survey said.

The Labor Department is scheduled to release the report Friday. In September, payrolls shrank by 57,000 jobs and the unemployment rate declined to 7.5 percent.

"The economy is in the same doldrums it's been in," said Sam Kahan, chief economist at Fuji Securities in Chicago. "There's no big collapse, but there's no big upturn either."

Most of the modest gain in payrolls is in the service industries.

Manufacturing industries, which lost thousands of jobs during the recession, dismissed more workers.

The loss of jobs stemming from a federal program providing summer work for teen-agers will also show up in the Labor Department's report.

However, average weekly earnings likely remained stable or posted a small gain last month, according to reports by Donaldson, Lufkin & Jenrette and Stone & McCarthy Research Associates.

The following is a list of projections compiled by Bloomberg:

FIRM.. . ....... ... . .. . ..........PAYROLL..... RATE

Donaldson, Lufkin Jenrette.. ............ 45,000..... 7.6

Evans Economics.. ... .. ... ....... .... 70,000..... 7.6

Fleet Financial...... ................... 35,000..... 7.5

Fuji Securities.......................... 57,000..... 7.4

Lehman Brothers........................ . 25,000..... 7.5

Merrill Lynch............................ 20,000..... 7.6

MMS International.. .......................... 0......7.6

Nikko Securities......................... 20,000......7.7

Northern Trust........................... 23,000..... 7.6

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