1.9 Million Jobs Lost in 4th Quarterby Tim Manni
Today’s employment report rang in slightly higher than expectations. The Bureau of Labor Statistics (BLS) reported that 542,000 jobs were lost in December, exceeding expectations of a 500,000 decline in payrolls.
According to the BLS, 1.9 million jobs were cut in the fourth quarter of 2008, raising the unemployment rate to 7.2%. For all of 2008, a total of 2.7 million Americans lost their jobs. As documented by the ADP report on Wednesday, losses continue to spread further into various industries.
While it’s hard to take solace in today’s numbers, there was a slight improvement from November to December. Dismal Scientist did report gains in the service and education industries.
At this juncture, the government feels that private businesses can not turn themselves around without government assistance. Despite its lack of immediate influence, lawmakers and the president-elect are dead set on approving a stimulus package designed to revitalize the economy.