The latest overall job loss numbers showed a loss of 54,000 jobs in August and an unemployment rate rising to 9.6%.
So far for this recession, the peak of losses was 779,000 lost jobs in January 2009. In the 2001 recession, monthly losses hit a high of 325,000. The 1990-91 recession peaked at 306,000 losses. Numbers generally peak toward the end of a recession, making employment a lagging indicator. The unemployment rate peaked at 10.8% at the end of the 1981-82 recession.
Here is a breakdown of the jobs report by sector. Construction saw its first gain since April.
Total change in non-farm payroll = - 54,000
- Private Sector = + 67,000
- Logging & Mining = + 8,000
- Construction = + 19,000
- Manufacturing = - 27,000
- Durable goods = - 24,000
- Non-durable goods = - 3,000
- Services = + 38,000
- Wholesale Trade = + 4,100
- Retail Trade = - 4,900
- Transportation & Warehousing = - 7,400
- Information Technology = - 1,000
- Financial Svcs = - 4,000
- Professional & Business Svcs = + 20,000
- Education & Health Svcs = + 45,000
- Leisure = + 13,000
- Government = - 121,000
The futures are trading down up on the news.
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