Another 51,000 jobs are lost as U.S. employers continue to cut jobs, marking the seventh
straight month of jobs losses as unemployment rate hits 4-year high.
The Labor Department reported today that for the seventh consecutive month, there was a net
job loss -- bringing the total to 463,000 jobs lost since the start of this year.
The small silver lining is that the loss was smaller than what experts had been
predicting; however, that is tempered by the fact that most experts expect the
job losses to continue for several more months.
The unemployment rate jumped to 5.7 percent from 5.5 percent in June -- a
full percentage point higher than a year ago -- and the worst rate since March 2004.
The unemployment rate for teens jumped to 20.3 percent -- the highest since 1992.
The job losses were certainly not a surprise as news of layoffs and closures of
airlines, automakers, publishing companies, banks, retailers, and restaurants and coffee
shops -- and even state and local governments -- have been in the news over the last few weeks.
Specifically, construction saw an additional loss of 22,000 jobs, manufacturing lost 35,000 jobs,
retailers cut 17,000 jobs, and business and professional services trimmed 24,000 jobs.
On the positive side, job gains were seen in government employers and health services.
Meanwhile, Exxon-Mobil announced a record-setting quarter, posting second-quarter earnings of
$11.6 billion on revenue of $138 billion... all while we struggle to pay for the gas to be
able to get to our jobs (if we are lucky enough to have one).
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