Employment Law: Employment rate down to 50.6% in October, business condition falls to 52.3%

November 2, 2010

Washington, D.C. - Creighton University Economics Professor Ernie Goss has released a report, showing a 50.6 percent decline in employment rate in October 2010. It flunked significantly from 53.2 percent in September. The decline in employment rate is expected to continue for more months.

Goss' business conditions index showed a decline of 52.3 percent in October compared to 56.3 in September 2010. Creighton University's latest study indicated a pattern of recession for months ahead. Economists commented that once the business conditions index falls below 50, it will be hard to sustain neutral growth.

The Creighton University report indicated that the recent decline in employment rate and business condition will not yet result to double dip recession. The slow-paced economic rate still poses hope for eventual recovery.

Goss commented that the emergence of double dip recession can be further prevented, if the government will not extend federal tax cuts in 2011.

The report also showed a 69.9 percent decrease in October prices-paid index from 71.1 percent in September 2010.

Creighton Economic Forecasting Group has tracked U.S. economy since 1994, and has implemented similar methods with the National Institute for Supply Management.