US unemployment rises, Japan's shrinks

There was no improvement in the rate at which the US economy lost jobs in September. Bloomberg reports:

U.S. job losses accelerated last month and the unemployment rate climbed to the highest level since 1983, stark reminders of how the worst financial crisis in more than seven decades may undermine consumer spending and economic growth in the months ahead...

Payrolls dropped by 263,000 in September, exceeding the median forecast in Bloomberg’s survey, with losses extending from cash-strapped state and local governments to retailers to builders, today’s report showed. The jobless rate rose to 9.8 percent from 9.7 percent in August, while working hours matched a record low...

A Commerce Department report today showed that orders placed with factories fell unexpectedly in August, restrained by long-lasting items such as commercial aircraft and construction machinery. Bookings fell 0.8 percent after a revised 1.4 percent increase in July that was larger than previously estimated. Excluding transportation equipment, orders rose 0.4 percent.

Earlier on Friday, however, Japan had provided somewhat better news. AFP/CNA reports:

Japan's jobless rate fell unexpectedly for the first time in seven months in August while consumer spending rose, data showed Friday, boosting hopes the economy is healing after its worst slump in decades...

The jobless rate fell to 5.5 percent in August, from a record high of 5.7 percent in July, the government said. The improvement surprised markets, which had anticipated a figure of 5.8 percent...

Household spending rose by 2.6 percent in August from a year earlier, reversing a drop of 2.0 percent in July, the government said.