The Labor Department's official jobs report came out this morning, and the best news is that the bad news is not as bad as some expected. Another 651,000 jobs were cut last month. That is down from the 655,000 drop in January and 681,000 in December, but the overall trend still looks ugly. Labor Department statistics show the US economy shed 4.4 million jobs since the start of 2008. Unemployment (see below chart from the Bureau of Labor Statistics) is now at 8.1%, the highest in 25 years.
Professional and business services led the way with 180,000 jobs lost. Manufacturing was the second hardest hit sector, with employment down 168,000.
Posted
03-06-2009 10:11 AM
by
Graham Griffith