Unemployment Up, More Jobs Lost In August

Fri, 05 Sep 2008 18:46:01 GMT

http://www.EmploymentCrossing.com Continuing a streak and a stagnant economy, Augusts employment numbers went from bad to worse. Unemployment rose to 6.1%, the highest in 5 years, as reported by the U.S. Labor Department. And according to an ADP report, 78,000 jobs were lost in August. The nations streak of negative job growth has continued for the 8th consecutive month. Seasonal employment is a main factor as 33,000 jobs were lost in the private sector, where 30,000 were expected to be shed. The fact is that companies have no room for retention, and must counter the nations housing slump that has brought about a higher cost of goods, and a drop in demand for products and services. In July, the unemployment rate was at 5.7% and the private sector gained 1,000 jobs (after initially reporting 9,000). And while Augusts numbers were poor, a bright spot could be found in the service industry, where 45,000 jobs were added for the month. At a time when numbers are dropping, alternative fields offer growth, potential, and hope.

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Unemployment Up, More Jobs Lost In August