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Biggest Job Loss in Five Years Reported

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the Labor Department said Friday in a report providing new evidence the economy is tumbling toward recession.

The unemployment rate, calculated through a separate household survey, held steady at 6. percent. As has been the case in recent months, there were large job losses in construction, manufacturing and retailing, while the health care and government sectors continued to add workers. But job erosion is widening with the financial services sector employment down 172,000 jobs since its peak in December 2006.


Added on: Tue Oct 14, 2008 10:10 am by : RupertWBradson
Rupert W Bradson
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I was just wondering what else the economy has to experience with the ongoing credit market crunch. According to the studies this is the biggest job loss since the recession of 2001.

God only knows what more is awaiting for us in the coming days….



     
Well, the current market crunch was long since sensed with the beginning of the oil price shock. The economy almost fell into recession at that time (though according to some experts it was into recession at that time)

According to the employment forecast the American economy is bout to experience the highest rate of unemployment since the Great Depression. And if the job loss hits the bottom level the Government will also face problem in helping the unemployed through bailouts just the way it has come to the rescue of the banking and financial sector. Hence, the common people is about the face the toughest time of their lives.


fireyone
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This is what we are expecting. What really angers everyone is that we will pay to bail out Wall Stree but there won't be anything left for us when we need it. I live in a rural community and already the job loss around here has been felt. Thats not even the only down fall. With companies trying to save money they are faced with cutting benefits too. I myself often wonder if it was the liability of my arm injury or that I was the highest paid worker that caused me to lose my job this year.


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