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January 9th, 2009

1.9 Million Jobs Lost in 4th Quarter



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.

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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.

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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.

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