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Unemployment Rate Hits 6.1% - 84,000 jobs lost in August

Original post made by Left of Boom, Another Palo Alto neighborhood, on Sep 7, 2008

The highest unemployment rate since 2003. Eight consecutive months of job loses totaling 605,000 jobs since January.

Manufacturing lost 61,000 jobs, while construction employment fell by 8,000. But the job losses were widespread and went beyond those two troubled sectors.

Retailers trimmed 20,000 jobs despite the back-to-school shopping season, which for many stores is typically second in sales only to the holiday period. Business and professional services - a broad category that includes industries such as accountants, consultants and legal services - lost 53,000 workers. Leisure and hospitality cut 4,000 jobs.

The few sectors showing gains were government as well as education and health services, which gained 72,000 between them to temper the losses elsewhere.

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Comments (6)

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Posted by fred
a resident of Old Palo Alto
on Sep 7, 2008 at 10:13 pm

economics 101

nothing new here, drive on

Like this comment
Posted by Samuel
a resident of Stanford
on Sep 8, 2008 at 7:05 am

That's Gotta Hurt

From Rasmussen:

McCain leads by four points among men while Obama leads by three among women. On Tuesday, when Obama’s lead peaked, he had a fourteen point advantage among women

Like this comment
Posted by Walter_E_Wallis
a resident of Midtown
on Sep 8, 2008 at 7:09 am

Walter_E_Wallis is a registered user.

Offshore drilling would bring boom time to the coast, with revenues far higher than the entry level tourism jobs. Building the 20 nuclear power plants we need immediately will help construction, and the knowledge that the escalation in energy cost will calm the departure of manufacturing. In other words, flush the foolish denial of the validity of accommodating human needs that has burdened our economy and go forward again.

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Posted by common sense
a resident of Midtown
on Sep 8, 2008 at 10:31 am

Since over 90% of employers in the USA are small businesses or self-employed, I can assume that they are acting like me until we know if the taxes/regulation/energy costs are going to rise or not.

IN other words, if it is Obama, we will continue to tank, if it is McCain, we will pull out.

We are in a slump for a lot of reasons, one of them being that across the country people like me who are holding onto our money as a hedge against the future..we are NOT hiring when someone leaves, NOT upgrading/buying, failing to get loans for business expansion, not plowing any money at all into growing our businesses until we know which way the wind will blow politically.

Translate that into millions of us who are just biding our time, and it would go a long way to explaining what is happening.

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Posted by Common Sense
a resident of Midtown
on Sep 8, 2008 at 10:34 am

By the way, growth in government does NOT mean growth in GDP, which is the true measure of an economy. In fact, it is usually the opposite,..the bigger the government, the worse the economy, since goverment jobs do not "produce". They are a transfer of dollars from our pockets to someone else's with us having no say in how/where the dollars go, so there is no built in market control.

Like this comment
Posted by OhlonePar
a resident of Duveneck/St. Francis
on Sep 8, 2008 at 9:31 pm

Common Sense,

Under both Reagan and Bush II, we've had record deficits and government spending.

Historically, the economy has performed better under Democratic presidents. I suspect it has something to do with Democrats having more faith in government, overall, so they're less interested in running it into the ground to benefit their buddies. (Exxon's been doing real well.)

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