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The unemployment rate rose from 9.8 to 10.2 percent in October, and nonfarm payroll employment continued to decline (-190,000), the U.S. Bureau of Labor Statistics reported. The largest job losses over the month were in construction, manufacturing, and retail trade.

When it comes to their retirement, America’s 50-somethings seem to be in a state of denial. Although the recent economic downturn has forced pre-retirees ages 50 to 59 to consider working years longer than they had hoped, their current rate of savings is unlikely to fund the retirement lifestyles they expect, according to fifth annual Retirement Fitness Survey from Wells Fargo & Company.

Nonfarm business sector labor productivity increased at a 9.5 percent annual rate during the third quarter of 2009, the U.S. Bureau of Labor Statistics reported. This was the largest gain in productivity since the third quarter of 2003, when it rose 9.7 percent. Labor productivity,
or output per hour, is calculated by dividing an index of real output by an index of hours of all persons, including employees, proprietors, and
unpaid family workers. Output increased 4.0 percent and hours worked decreased 5.0 percent in the third quarter of 2009.

While some economic experts believe that the recession is over, today’s job market remains dismal and small businesses – the largest employer group – fear the economy will not sustain the need for more employees, according to a recent poll by George S. May International.

Employment in the EU27 and the euro area began to fall in the second quarter of 2008 as a result of the economic crisis. Between the second quarters of 2008 and 2009, employment dropped by 1.9% to 222.7 million persons in the EU27 and by 1.8% to 145.5 million in the euro area (EA16). However, the fall in employment was smaller than the contraction of economic activity (-4.9% GDP growth in the EU27 and -4.8% in the euro area in the same period). One of the reasons for this is the fact that employers can reduce the volume of hours worked and increase the use of part-time employment. This has been the case in the EU27 and in the euro area between the second quarters of 2008 and 2009. The analysis of the impact of the crisis on employment also shows that employees have been affected differently depending on their level of education.

In September 2009, compared with August 2009, the volume of retail trade fell by 0.7% in the euro area (EA16) and by 0.4% in the EU27. In August retail trade dropped by 0.1% and 0.3% respectively.

Reports from the first days of November show that the housing market is still on shaky ground. According to the statistics from ForeclosureDataonline.com, real estate prices on the whole are down already for the first three days of November as compared with October's average. The foreclosure market appears strong however. It grew over this same period and shows the kind of steady growth that is apt to continue.

A new Harris Poll finds that the great majority of the public is satisfied with their lives, and that most people believe that their personal situation will improve over the next five years. The numbers who feel this way are lower today than they were in the last few years, but most Americans are still upbeat and optimistic in spite of the economic tough times and the increase in unemployment. Furthermore, a majority of Echo Boomers (aged 18-30), and pluralities of Gen X (aged 31-42) and Baby Boomers feel their present situation today is better than it was five years ago. Only among Matures (aged 62+) is there a plurality who feels that their situation has become worse.

The hedge fund industry, putting the frightening days of 2008 far behind them, are taking a series of steps to recapture assets. Addressing concerns over transparency, liquidity and fraud are top of the list announced in a new study published by TABB Group, the capital markets research and consulting firm.

North American banking and financial services firms signed twice as many outsourcing deals in the third quarter as compared to the second quarter this year, according to the Market Vista: Q3 2009 report by Everest, a global consulting and research firm. Everest’s quarterly study on global outsourcing and offshoring activity reports transaction volume decreased 10 percent globally in the third quarter compared to the previous quarter, while captives activity was at an 18-month high.