It looks like the economic downturn may finally be showing up in the employment data. This morning's BLS announcement that the unemployment rate jumped to 5.5% and payroll employment declined by 49,000 (for a total job loss of 324,000 so far this year) point to continued problems. If not for a 33,900 increase in health care, the situation would have been even worse.
The other part is our silent employment problem (see earlier posting). The involuntary underemployed (part-time for economic reasons) continued to rise, although by only 13,000. It may be that employers have done a much cutting back on hours that they can do -- and now the problem shifts from under- to un-employment.
Leave a comment