Weak jobs report

The 263,000 jobs lost in September were more than the 175,000 that economists had been expecting, and it certainly puts off any talk of a speedy recovery. The unemployment rate remained at 9.8 percent, but the smart money has that number crossing over the 10 percent mark in the coming months. In L.A., the August jobless rate was 12.3 percent (September numbers due out later this month). From the NYT:

The economy has been bleeding jobs every month, without interruption, for nearly two years. More than 15 million people in the United States are now unemployed, and more are working part-time jobs for less pay, or have given up looking for work altogether. "This is still severe," said Andrew Stettner, deputy director of the National Employment Law Project. "It's not going to be turning around as fast as people want."

Even before the opening bell, Wall Street is not reacting well to the employment report. Look for a sharp drop in the early going.