Cuts in Government Led U.S. Economy to Lose 95,000 Jobs

More jobs lost.  More Private sector jobs.  The underline trend is good especially since there is $2 trillion on the side.

In the one-two punch many had long been fearing, hiring by businesses has slowed significantly while government jobs are disappearing at a record pace.

Companies added 64,000 jobs last month, after having added 93,000 jobs in August, the Labor Department reported Friday. But over all, the economy shed 95,000 nonfarm jobs in September, the result of a 159,000 decline in government jobs at all levels. Local governments in particular cut jobs at the fastest rate in almost 30 years.

“We need to wake up to the fact that the end of the stimulus has really hit hard on local governments,” said Andrew Stettner, deputy director of the National Employment Law Project. “There is much more of a slide in the job market than what we really need to clearly turn around.”