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Payrolls Drop for First Time Since 2003
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Feb 01, 2008 08:47am |
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| Category | News |
| Media | Newspaper - Washington Post |
| News Date | Friday, February 1, 2008 02:00:00 PM UTC0:0 |
| Description | By Howard Schneider
Washington Post Staff Writer
Friday, February 1, 2008; 9:41 AM
The U.S. economy shed jobs in January, a rare monthly dip in the number of people working and an additional sign of weakness amid debate about a possible recession.
New data from the Bureau of Labor Statistics showed that the number of jobs shrank by 17,000, the first such contraction in four years, and a development unexpected by analysts who predicted the economy would add perhaps 70,000 jobs in the month.
The formal unemployment rate actually fell slightly, to 4.9 percent from 5 percent in the previous month. But that was the result of the fact that the number of people looking for work declined -- itself a possible sign of economic trouble, if potential workers are becoming frustrated and abandoning their job search. The unemployment rate is based on the number of people actively seeking employment.
Along with a longstanding decline in manufacturing and construction jobs, the number of people in business and professional service jobs also dipped by 11,000. The number of government jobs also declined, by 18,000, a fact one analyst said was the likely result of state governments paring their payrolls in the face of falling property values and a decline in related taxes. |
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