13.2 Million Unemployed, And Counting…

Posted on | April 3, 2009 | No Comments

Well, by now you’ve heard that the unemployment rate has reached a panic-inducing 8.5%.  The Department of Labor’s March Jobs Report is mostly bad news, showing a total of 663,000 jobs lost, 13.2 million unemployed, 9 million people forced to work part-time for “economic reasons” and an 20-week average duration of unemployment.

The report went from bad to worse, revealing an 11.4% unemployment rate for Hispanics and a 13.3% unemployment rate for blacks.  Men’s unemployment rate was 8.8% versus 7.9% for women.  And, if that’s not enough, the number of people unemployed for 27 weeks or more swelled to 3.2 million.

Job losses occurred in nearly every sector, but, predictably, the manufacturing sector was the biggest loser.

Biggest Job Losers

• Manufacturing (161,000 jobs lost)
• Professional & Business Services (133,000 jobs lost)
• Construction (126,000 jobs lost)
• Retail (48,000 jobs lost)
• Financial Activities (43,000 jobs lost)
• Leisure & Hospitality (40,000 jobs lost)

Unfortunately, the list of biggest gainers is considerably shorter.  But, a little light’s better than a total blackout.

Biggest Job Gainers

• Health Care & Social Assistance (14,800 jobs added)
• Ambulatory Health, Hospitals & Nursing Homes (13,500 jobs added)
• Federal Government (8,400 jobs added)

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