More grave news about the American job market as the BLS released its monthly unemployment numbers this morning.
In January, employment fell by -598,000 and the unemployment rate rose from 7.2 to 7.6 percent. The last time the unemployment rate hit 7.6 was September 1992.
Since the start of the recession in December 2007, 3.6 million jobs have been lost in the United States — about half of those losses – 1.8 million — occurred in the last three months.
Both the number of unemployed persons (11.6 million) and the unemployment rate (7.6 percent) rose in January. Over the past 12 months, the number of unemployed persons has increased by 4.1 million and the unemployment rate has risen by 2.7 percentage points.
The number of persons who worked part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged in January at 7.8 million; however, this measure was up by 3.1 million over the past 12 months. Included in this category are persons who would like to work full time but were working part time because their hours had been cut back or because they were unable to find full-time jobs.
In January, job losses were large and widespread across nearly all major industry sectors.
Here’s the tally:
- Manufacturing: -207,000 (the largest 1-month decline since October 1982)
- Construction: -111,00
- Temporary help: -76,000 jobs
- Professional and technical services: -29,000
- Retail: -45,000
- Transportation and warehousing: -44,000
- Financial activities: -42,000
There were some gains in January, too: