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Jobs losses mount! What's next?

Posted by Steven R. White The Natureboy! on October 8, 2010 at 9:27 PM

The just-released Labor Department report on the U.S. job market in September pulls no punches: The U.S. economy continues to deteriorate.

Over 95,000 jobs were lost in September, on top of 57,000 in August.

The "official" unemployment rate held at 9.6 percent. But if you include discouraged and underemployed workers, of the true unemployment figure is 17.1 percent.

Almost 1 in 5 Americans either can't find solid, gainful employment ... or have basically given up looking for a job.

In addition ...

Construction lost another 21,000 jobs and manufacturing shed another 6,000 jobs.

IT employment slumped for the second month in a row, while the financial sector shed workers for the FIFTH consecutive month.

In the government sector, we saw a nasty loss of 159,000 jobs, with state, local, and federal governments ALL letting workers go!


Categories: News

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