Category Archives: job loses

U.S. Jobless Rate Soared in January and Payrolls Kept Plunging

Shobhana Chandra
Bloomberg

Millions more U.S. workers are likely to lose their jobs after the economy’s freefall sent unemployment in January to the highest level since 1992 and payrolls tumbled, reinforcing the need for an economic stimulus plan.

The jobless rate rose to 7.6 percent from 7.2 percent in December, the Labor Department reported yesterday in Washington. Payrolls fell by 598,000, the biggest monthly drop since December 1974. Losses spanned almost all industries, from construction and manufacturing to retailing, trucking, media and finance.

“The scary thing is there is really no end in sight to the soaring jobless rate,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. “It’s difficult to see what’s going to turn the situation around. This is the sort of catalyst that could get Congress to move” to agreeing on a compromise plan.

President Barack Obama, who predicted a “dismal” report, is pushing for a stimulus plan to revive the economy and create jobs, and is expected to announce a new effort to shore up credit markets. The rate of the job market’s decline means it’s unlikely government efforts will halt a collapse in consumer spending until the second half of the year, economists said.

Read more >>>Here

Leave a comment

Filed under Bloomberg, Economic Crisis, job loses, President Obama, unemployment, US Department of Labor

>U.S. Jobless Rate Soared in January and Payrolls Kept Plunging

>Shobhana Chandra
Bloomberg

Millions more U.S. workers are likely to lose their jobs after the economy’s freefall sent unemployment in January to the highest level since 1992 and payrolls tumbled, reinforcing the need for an economic stimulus plan.

The jobless rate rose to 7.6 percent from 7.2 percent in December, the Labor Department reported yesterday in Washington. Payrolls fell by 598,000, the biggest monthly drop since December 1974. Losses spanned almost all industries, from construction and manufacturing to retailing, trucking, media and finance.

“The scary thing is there is really no end in sight to the soaring jobless rate,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. “It’s difficult to see what’s going to turn the situation around. This is the sort of catalyst that could get Congress to move” to agreeing on a compromise plan.

President Barack Obama, who predicted a “dismal” report, is pushing for a stimulus plan to revive the economy and create jobs, and is expected to announce a new effort to shore up credit markets. The rate of the job market’s decline means it’s unlikely government efforts will halt a collapse in consumer spending until the second half of the year, economists said.

Read more >>>Here

Leave a comment

Filed under Bloomberg, Economic Crisis, job loses, President Obama, unemployment, US Department of Labor

President Obama’s Weekly Address: 1/31/09

In his weekly address, President Barack Obama announced that Treasury Secretary Timothy Geithner is preparing a new strategy for reviving our financial system, and urged the swift passage of an American Recovery and Reinvestment Plan.

Leave a comment

Filed under American Recovery and Reinvestment Plan, Economic Crisis, energy, Healthcare, job loses, President Obama, retirement, Students, Timothy Geithner, US House of Representatives, weekly address

President Obama’s Weekly Address: 1/31/09

In his weekly address, President Barack Obama announced that Treasury Secretary Timothy Geithner is preparing a new strategy for reviving our financial system, and urged the swift passage of an American Recovery and Reinvestment Plan.

Leave a comment

Filed under American Recovery and Reinvestment Plan, Economic Crisis, energy, Healthcare, job loses, President Obama, retirement, Students, Timothy Geithner, US House of Representatives, weekly address

Americans unemployed + those losing work hours = record 12.5 percent

Yesterday the Bureau of Labor Statistics reported that the nation’s economy lost 533,000 jobs last month, one of the worst jobs reports ever. With that, the unemployment rate rose to 6.7 percent. But the actual percentage of Americans who have lost hours and are out of work is much higher:

More significantly, the unemployment rate does not include those too discouraged to look for work any longer or those working fewer hours than they would like. Add those people to the roster of the unemployed, and the rate hit a record 12.5 percent in November, up 1.5 percentage points since September.

Think Progress

Leave a comment

Filed under Bureau of Labor Statistics, economy, job loses, lost hours, Think Progress, unemployment rate

>Americans unemployed + those losing work hours = record 12.5 percent

>Yesterday the Bureau of Labor Statistics reported that the nation’s economy lost 533,000 jobs last month, one of the worst jobs reports ever. With that, the unemployment rate rose to 6.7 percent. But the actual percentage of Americans who have lost hours and are out of work is much higher:

More significantly, the unemployment rate does not include those too discouraged to look for work any longer or those working fewer hours than they would like. Add those people to the roster of the unemployed, and the rate hit a record 12.5 percent in November, up 1.5 percentage points since September.

Think Progress

Leave a comment

Filed under Bureau of Labor Statistics, economy, job loses, lost hours, Think Progress, unemployment rate

HOLT STATEMENT ON DRAMATIC JOB LOSS REPORT

FOR IMMEDIATE RELEASE
December 5, 2008

(Washington, D.C.) – U.S. Rep. Rush Holt (NJ-12), today issued the following statement on the U.S. Bureau of Labor Statistics report that 533,000 jobs were lost in November and the unemployment rate rose to 6.7 percent, the highest number of job losses since 1974.

“Today’s U.S. Bureau of Labor Statistics report – documenting the most jobs lost in a single month since 1974 – is further indication of the great challenge our nation faces to get our economy back on track. Job number one must be to create new jobs.

As President-Elect Obama and Congress work on an economic stimulus plan, I strongly believe we must bolster research and development, something we have underinvested in for years. Companies have failed to do it sufficiently and so has the government. To get the economy on the way to sustained recovery will require more innovation – in other words, more R&D.”

Leave a comment

Filed under Barack Obama, Congress, Economic Stimulus Package, economy, job loses, President-Elect, Rush Holt, unemployment rate