February was a killer month for job losses in the U.S. economy, and it was an especially tough time for some key industries, as the unemployment rate shot up from 7.6% to 8.1% in just 30 days.
A look at the U.S. Department of Labor statistics reveals who’s taking the worst hits — and if you’re hiring in one of these industries, you’ll have a lot of choices from among people who are job hunting:
Auto and auto-related. No surprise here. In February, manufacturing jobs got slashed by 168,000, bringing losses over the last year to 1.2 million. In Michigan, the heart of the auto industry, the unemployment rate has hit 10.6 percent, the highest of any state in the nation.
Financial services. This sector lost 44,000 jobs in February. Companies found themselves with a glut of traders, analysts and marketers who made a living during the housing boom. And we all know what happened with that. Many labor analysts say this industry will be reshaped — and downsized — for years to come.
Retail. Just pick up the newspaper and you’ll see the ongoing list of retailers who are closing shop, mainly because consumers no longer have access to easy credit — and money. Retailers dropped 39,500 jobs in February, and a total of more than 500,000 in the last 12 months.
Other. Some of the other worst-hit industries in February: transportation and warehousing, 49,000 jobs; employment services, 88,000 jobs; and hotels and restaurants, 32,000 jobs.
The bright spot: Health care added 30,000 jobs in February.
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