Blog
September 5th, 2008

Unemployment Reaches Five Year High

by

 

The Labor Department reported this morning that the unemployment rate rose to 6.1% in August, from 5.7% in July. Nonfarm payrolls decreased by 84,000 last month, as continued troubles in the financial and manufacturing sectors have led to heavy losses in the employment market. The 84,000 cuts in August follow losses of 60,000 and 100,000 in July and June.

Glimmers of good news saw no job cuts in the government and education/healthcare sectors. Hourly earnings rose a seven cents in August. On a year-over-year basis, earnings increased 3.6%. Despite the year-over-year increase, wages have not been able to keep up with inflation.

Share and Enjoy:
  • email
  • Print
  • RSS
  • Add to favorites
  • Yahoo! Bookmarks
  • Facebook
  • Twitter
  • Technorati
  • Digg
  • del.icio.us
  • Google Bookmarks
  • StumbleUpon
  • Yahoo! Buzz
  • Mixx
  • BlinkList
  • Live
  • Reddit

One Response to “Unemployment Reaches Five Year High”

  1. Sapysinnava Says: September 10th, 2008 at 12:37 pm

    That’s a nice piece of work

Leave a Comment

Receive Updates via Email

Delivered by FeedBurner

About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

Our bloggers:

Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

Connect With Us

  • rss feed icon
  • facebook icon
  • twitter icon

Compare Lowest Mortgage Rates

$