U.S. Lost Fewer Jobs Than Expected in August

Posted Sep 3rd 2010 3:30PM by Connie Madon
Filed under: Employees, Economic Data

The U.S. lost fewer jobs than expected in August. Here are the key stats, as reported in the New York Times:

The economy lost another 54,000 jobs last month.
Private companies added 67,000 jobs.
The unemployment rate rose to 9.6% from 9.5%.
The government lost 121,000 jobs in August.
State and local governments cut 10,000 jobs and another 114,000 temporary census positions.

Last month's numbers were revised to a loss of 175,000 jobs in June rather then 221,000 and a loss of 54,000 in July instead of 131,000.
Bad news. The Labor Department reported a loss of 27,000 manufacturing jobs in August.
The U-6 unemployment report stated that 16.7% were unemployed in August , up from 16.5% in July.

The report is hardly anything to shout about. Any recovery is slow at best. The Commerce Department previously reported GDP at 1.6% for the past quarter.

The biggest negative in the report was the loss of 27,000 manufacturing jobs. The manufacturing sector is crucial to keeping our economy growing.

Until the economy stops losing jobs and starts gaining a substantial number of jobs, we certainly can't say that we are out of the recession.

Tags: inthenews, job losses, recession, unemployment rate

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Reader Comments (Page 1 of 1)

9-03-2010 @ 4:13PM

page114 said...

Raise "IMPORT TARIFFS" and jobs will return to the USA overnight.

9-03-2010 @ 6:23PM

william lindblad said...

Raising import tariffs goes back to the mongrel and all of the others that led to the McKinley. Sounds good in concept, but it does not work well as the other countries simply retaliate. Protective tariffs only work when someone is "dumping".
On the jobs side, loss vs growth was a market rally point.
The underlying problem is with the compensation factor and if the loss end was in higher paying and the creation in much lower, than there is really nothing to cheer about. To bad the labor dept does not take into consideration dollars and sense. Seems Wall St. does not think about this either. As you point out the manufacturing end is ultimately what this will be all about and without recovery in that sector, recovery will be left to service and that industry is just to prone to economic shifts.

9-06-2010 @ 9:43PM

Kenneth said...

Just wait until the republicans get in and reverse everything that Obama has done. No more jobs programs and extended unemployment. Kill the health care bill and give power back to the HMO's. Watch out for those preexisting medical conditions.Take those new regulations back off those credit card companies and big banks. Kill those newly created jobs and restore everything back to where it was before because it really was too expensive. We will need every dime we can get to pay back China and buy more and more oil from Saudi Arabia. You know we would rather buy from Red China than products made by union guys here in this country. We certainly don't need green energy when we can rely on our friends in Iraq and the middle east. So we set our course back to where it was because all that talk of another great depression was just another Obama scare tactic. After we restore this country and get all that done, we will try to come up with some of our own ideas. Duh, now what? Get rid of social security and medicare? Change the constitution so it only protects us white people. Give the rich a better tax plan so they can throw more crumbs down to those that want to work for peanuts. Sounds great, doesn't it?