August job report continues positive trend of smaller employment losses, but unemployment rate
rises again.
The August report, released today by the U.S. Department of Labor, shows that while employers
continued to cut more jobs -- they did so at a continuing slower pace. A net 216,000 jobs were cut in August --
the lowest number cut since August last year -- and slightly under expert estimates.
In a bit of unsettling news, the unemployment rate jumped to 9.7 percent -- the highest since June 1983.
Some experts are still predicting unemployment will reach the double digits before all is said and done.
Breaking it down by sector, jobs were lost in manufacturing (63,000), construction (65,000),
financial services (28,000), and wholesale trade (17,000). Employment in retail, transportation,
and leisure and hospitality showed little change in August.
Job gains continued in education, healthcare, and government employers.
As the recovery slowly moves ahead, job-seekers should takes steps in not getting discouraged over
the long process of finding a new job. Some job-seekers may need to consider survival or part-time jobs
to continue paying the bills. Temporary employment is also expected to increase in the next few
months -- and these jobs not only provide good pay and experience, but also a doorway to possible
full-time employment.
