The employment news in the USA continues to be very bad. We knew the news on job was going to be bad in 2009; still the actual news confirming those beliefs is not welcome. Of all the economic statistics for the health of the economy, employment is about the most important.
U.S. Unemployment Rate Jumps to 8.1 Percent by Debbi Wilgoren
The government revised sharply upward the number of jobs the economy lost in December and January, showing a staggering 1.99 million jobs disappearing in the past three months. More jobs were lost in each of those months than in any single month since October 1949
The February data showed profound losses in the professional and business services sector, with 180,000 jobs gone. Some 168,000 jobs were lost in the manufacturing industry, with most of the decline in the durable goods sector. There were 104,000 construction jobs lost as projects stalled due to the collapse of the real estate industry and the ongoing credit crisis. The financial sector shed 44,000 jobs, retail lost 40,000 jobs and the leisure and hospitality industry reported 33,000 fewer jobs. Job growth continued, however, in the health-care sector.
Analysts say the pace of job cuts is likely to remain brisk for at least a few more months
The number of people working part time because they cannot find full-time employment rose by 767,000 in February to 8.6 million, the government said. The unemployment rate does not reflect people who say they would like to work full-time, but can only find part-time job