May job-loss figures show hot and cold industries
June 10, 2008 by Jim GiulianoPosted in: Latest News & Views, Money, Pay, Retention and turnover
The unemployment rate jumped to its worst level in almost four years. But some industries got hit harder than others, so you can’t assume that your company will be swamped with applications from job-seekers.
The overall numbers:
- Last month the economy lost 49,000 jobs. Not great news, but a lesser drop than we saw in January, February and March, when the job-loss figures were, respectively, 76,000, 73,000 and 88,000. April saw a job loss of 29,000.
- The country’s labor force - those who have jobs or are looking for jobs - jumped by 577,000. Many economists think the increase reflects the influx of students looking for summertime work.
- Total unemployed hit 8.5 million, compared to 6.9 million in May 2007.
Ups and downs
The industries that lost the most jobs were:
- professional services, which lost 39,000 jobs
- construction, 34,000 jobs
- manufacturing, 26,000 jobs.
Education, government, health, and leisure and hospitality saw increases in jobs.
For the past 12 months, average hourly wages rose 3.5% to 17.94/hour. Wholesale prices went up 7.5% in the same period.
Tags: construction, manufacturing, unemployment, wages
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