U.S. economy loses 159,000 more jobs in September

October 3, 2008 by · Leave a Comment
Filed under: Economic News 

Here is the numbers from the latest jobs report. This trend will continue until the economy find a stable medium. This is almost double that the August report was with 73,000 jobs lost. Payrolls have dropped 760,000 this year.

Press Release:

A struggling US economy lost 159,000 jobs in September as the weight of the housing collapse and credit crunch hit a broad swath of industries, government data showed Friday.

The report, seen as one of the best indicators of economic momentum, showed a sharp rise in the number of cuts after 73,000 job losses in August.

“There is little doubt that the nation is in a recession, which will only deepen in coming months, as the financial crisis casts a pall on economic activity,” said Sophia Koropeckyj at Economy.com.

“Moreover, it is highly likely that conditions will deteriorate further in coming months as the various financial service restructurings result in tens of thousands of job losses, the credit crunch freezes business expansions and construction, retail bankruptcies mean more layoffs.”

The unemployment rate calculated by a separate survey of households held at 6.1 percent, a five-year high, the Labor Department said.

Payrolls have fallen by 760,000 so far this year as the world’s biggest economy has been roiled by a massive collapse in housing that spread to the financial sector and led to global credit crunch.

“This was much worse than was expected, as the full weight of the banking crisis, the cost of imported oil and job losses to China bore down on manufacturing and the broader economy with unrelenting pressure,” said Peter Morici, economist at the University of Maryland.

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