Unemployment Rockets Past Six Percent
Posted on | September 5, 2008 | No Comments
The unemployment rate rocketed past the six percent landing at 6.1% for the month of August. Analysts expected a slight increase to 5.8 percent (up from 5.7% in July). In August, nonfarm employers cut 84,000 jobs and 592,000 people were added to the unemployment rolls driving the number of unemployed to 9.4 million and total job cuts to 605,000 (an average of 76,000 cuts per month).
On average, folks were unemployed for 17.4 weeks. Thirty-six percent of those employed were out of work for 15 or more weeks while 19.5% were unemployed for 27 weeks or more.
Growth in the number of persons landing part-time jobs stalled at 5.7 million. Nearly 300,000 people joined the ranks of multiple job-holders last month, bringing the year-to-date total to 8.1 million.
INDUSTRIES WITH GREATEST JOB LOSSES
| INDUSTRY | # JOBS LOST |
| Manufacturing | 61,000 |
| Professional & Business Services | 53,000 (37,000 in Temp. Help Services) |
| Durable Goods | 55,000 |
| Trade, Transportation & Utilities | 35,000 |
| Retail | 20,000 |
INDUSTRIES WITH GREATEST JOB GAINS
| INDUSTRY | # JOBS LOST |
| Support Activities for Mining | 39,000 |
| Health care | 27,000 |
| Oil & Gas Extraction | 17,000 |
| Hospitals | 15,000 |
| Local government | 15,000 |
| Mining | 12,000 |
| Social services | 11,200 |
OTHER INTERESTING BITS
In August:
2.7% – Unemployment rate for those with a bachelor’s degree or higher
4.8% – Unemployment rate for those with a high school diploma or higher
5.7% – Unemployment rate for those with a high school diploma but no college
9.6% – Unemployment rate for those with less than a high school diploma
5.6% – Unemployment rate for adult men adult women
5.3% – Unemployment rate for adult women
4.4% – Unemployment rate for Asians
5.4% – Unemployment rate for whites
10.6% – Unemployment rate for blacks
8.0% – Unemployment rate for Hispanics
18.9% – Jobless rate for teenagers he unemployment rate for Asians was 4.4 percent in August,
not seasonally adjusted.
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Tags: careers > careersthatdontsuck.com > economy > jobs > unemployment
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