Results tagged “unemploymentrate”

The U.S. Department of Labor released the latest unemployment figures, revealing that the unemployment rate rose to 9.7% in August, up from 9.4% in July, "The rate had been little changed in June and July, after increasing 0.4 or 0.5 percentage point in each month from December 2008 through May. Since the recession began in December 2007, the number of unemployed persons has risen by 7.4 million, and the unemployment rate has grown by 4.8 percentage points." The possible good news: Employers cut 216,000 jobs last month, which is less than expected and the least since August 2008 (!). An economist told Bloomberg News, "What we’re learning is that the pace of job declines is subsiding. The economy is no longer detonating, but we are still losing jobs, and the unemployment rate is going up. It’s going to be a very tough environment for the consumer." Related: NY State, NYC unemployment figures for July.

From the Bureau of Labor Statistics: "Nonfarm payroll employment continued to decline sharply in March (-663,000), and the unemployment rate rose from 8.1 to 8.5 percent... Since the recession began in December 2007, 5.1 million jobs have been lost, with almost two-thirds (3.3 million) of the decrease occurring in the last 5 months." This is the highest unemployment has been since November 1983. The BLS also "drastically revised the job losses in January to 741,000 from the earlier report of 655,000." Yikes! Apparently the Federal Reserve expect unemployment to hit a high of 8.8%, but some believe it could reach 10%. More depressing news: The Wall Street Journal points out the U-6 rate of unemployment was is 15.6% in March (up from 14.8% in Feb.); U-6 "accounts for people who have stopped looking for work or who can’t find full-time jobs."

The New York State Department of Labor released their monthly unemployment numbers today and the city's jobless rate had its biggest jump since records began being tallied in 1976. Over the last ten years, the city adds an average of just under 19,000 jobs in February—this year it lost 3,600. An analyst with the Labor Department told the Times, “The city’s economy continues to weaken month-by-month with over-the-year losses widening dramatically." Meanwhile national claims rose by 5.5 million in February, the highest number in over 40 years, and much worse than economists predicted. Over the last few months, the city has been losing jobs at a higher rate than the rest of the nation.

The U.S. Department of Labor released the latest unemployment numbers: The unemployment rate was 8.1% in February, with 651,000 jobs slashed during the month. Reuters reports the 8.1% figure "was above market forecasts for a rise to 7.9 from January's 7.6 percent." This continues a trend of massive layoffs across the country since last year: 533,000 jobs were lost in November, 681,000 in December, and 655,000 in January.

The Labor Department announced that the national unemployment rate for January is 7.6%, up from December's 7.2%. The 598,000 jobs cut last month is the "deepest cut in payrolls in 34 years," according to CNBC. Economists had been expecting the numbers to come in at 7.5% unemployment rate and 525,000 jobs lost. Labor Statistics Commissioner Keith Hall added, "January's sharp drop in employment brings job losses to 3.6 million since the start of the recession in December 2007," plus "about half the decline occurred in the last three months." These stats will be mentioned as the Obama administration tries to pass the stimulus bill. Senate Majority Harry Reid is "cautiously optimistic" it will pass.

Guess NY State will be borrowing unemployment funds for a while: New York City's unemployment rate rose to 7.4% in December, up from 6.3% in November. According to Crain's, this is the highest in almost five years and it's over the national unemployment rate, which is 7.2%. The NY State unemployment rate grew from 6% to 7% in December, with the state losing 49,300 jobs last month in December. The NY State Labor Department said, "In just the last three months, the state has lost more than 100,000 private sector jobs, including 49,300 in December 2008. This is the steepest one-month drop since October 2001 in the aftermath of the World Trade Center attacks." Another NYC stat from the NYS Labor Dept.: "Since December 2007, the number of nonfarm jobs has decreased by 53,600, or 1.4 percent, and the number of private sector jobs has decreased by 49,100, or 1.5 percent."

In what the state labor department calls the "largest month-to-month increase in more than 30 years," New York City's unemployment grew 0.8% to 5.8% for August. Not surprisingly, the NY Times finds, "Many of the layoffs came in the tumbling financial sector, which is one of the city’s biggest employers and the provider of nearly one-fourth of its annual wages and salaries." Keep in mind, layoffs for Lehman and the resulting Bank of America-Merrill Lynch deal will not appear until later. The state unemployment rate is 5.8%, up from 5.2% in July; the national unemployment rate is 6.1%.