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: Employers in the US kept cutting jobs in October and manufacturing picked up, pointing to an uneven economic recovery that will take time to encourage hiring, economists said before reports this week.
Payrolls fell by 1,75,000 workers last month, deepening the worst employment slump since the 1930s, according to the median of 63 estimates in a Bloomberg News survey ahead of a November 6 Labour Department report. A purchasing managers' report may show factories expanded at the fastest pace since 2006.
Rising joblessness and waning government assistance raise the risk that consumer spending will slip again, holding back the expansion. Federal Reserve policy makers, meeting this week, will probably debate whether the lack of jobs merits maintaining interest rates low for a long time, or if excess stimulus risks kindling inflation.
"No one's going to hire anybody until they have to, so it's a very tough environment for households," said Joshua Shapiro, chief US economist at Maria Fiorini Ramirez Inc, a New York forecasting firm. "Manufacturing is clearly the strongest part of the economy right now because it's benefiting from the need to restock."
The jobless rate last month probably climbed to 9.9%, the highest level since 1983, from 9.8% in September, according to the survey median. Unemployment will exceed 10% early next year, according to the median forecast in a Bloomberg poll last month.
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