Wikinvest Wire

The jobs picture is getting clearer

Friday, March 07, 2008

The Labor Department released the February employment data a short time ago and, unfortunately, the jobs picture is getting much clearer.
There was a net loss of 63,000 jobs last month, the steepest decline in almost five years, along with significant downward revisions to prior month's data. December payroll growth was revised from +84,000 to +41,000 and the job loss in February increased from -17,000 to -22,000.

The steepest monthly declines were seen in the usual areas of construction and manufacturing, but there is growing weakness in retail trade within the trade, transportation, and utilities category which tumbled by 39,000 last month.

Job losses at department stores totaled 11,100 in February and, part of the continuing fallout from a deeply troubled housing market, employment at building material and garden supply stores fell by 6,800.The health care industry, restaurants, and all levels of government continue to hire. If government jobs were removed from the mix, instead of a job loss of 44,000 over the last three months, a total decline of 141,000 would result.

The unemployment rate fell from 4.9 percent to 4.8 percent as a result of 450,000 individuals leaving the labor force for one reason or another - the number of respondents reporting that they were employed during the February household survey actually fell by 257,000.

AddThis Social Bookmark Button


Anonymous said...

I don't quite see how restaurants will continue to hold up under the pressures of a falling economy. I think a lot of housewives and househusbands will be frantically trying to learn basic cooking skills in the coming months!

- Pete

donna said...


As much as food costs in the stores right now, you might as well go buy it already cooked and have someone else clean up the mess.

Restaurants get better food prices since they buy larger quantities.

Anonymous said...

The vicious circle has started. People losing their jobs will put more homes in the market for sale or forecloure since they can not make the pmts w/o incomes.

Thus, lowering rates at this time will not work. Thus, we will see hyper-inflation.

beebs said...

You can't save money eating out. Think about it. You have to pay for the owner's overhead [your lodging is already a sunk cost], employees, and profit.

These expenses you don't have at hom.

peter said...

>basic cooking skills
It takes skill to 'cook' ramen noodles? :)

John S said...

When it comes to the rapidly increasing cost of food, there's always the technique I used in the late 1970s: miss meals. I was young and living paycheck to paycheck. I was paid on Thursday, the money was gone by Monday. I ate at my parents on Tuesday night and didn't eat again until Thursday.

Now 30 years later and almost 100 heavier, maybe a depression would be good for me...

  © Blogger template Newspaper by 2008

Back to TOP