|Issue of the Day: Only Health Care Survives the Rise in Job Cuts|
Published Tuesday, March 10th, 2009
Layoff announcements from last month continued across the industrial spectrum, according to the US Department of Labor, including Macy’s, Time Warner Cable, Estee Lauder, Goodyear, and General Motors. Of the sectors, the service-sector fell the most at 375,000. This includes the businesses and professional services 180,000), financial sector (44,000), retail (40,000), leisure and hospitality (33,000). Temporary employment fell 80,000, and government shed 9,000. Of the goods-producing industries, jobs fell by 276,000. Manufacturing firms cut 168,000 jobs, and construction lost 104,000 jobs. The only bright spot that continues to add jobs is the health care sector, which rose 26,900.
During February, the US economy shed 651,000 jobs, which bring the cumulative job loss to over 4.4 million from December 2007 according to the U.S. Labor Department. Also in this report, December and January’s declines were revised to show much steeper declines. The unemployment rate jumped a 0.5 percentage point to 8.1%, the highest since December 1983. Including the part-time workers, the rate jumps to 14.8% last month, which is 6 percentage points higher than last year. A bit of good news, the average hourly earnings increased $0.03, or 0.2%, to $18.47.