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Economy Loses 159,000 Jobs in September, Sharpest Drop Since March ‘03
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| Contributor | RP |
| Last Edited | RP Oct 03, 2008 12:28pm |
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| Category | Report |
| News Date | Friday, October 3, 2008 06:00:00 PM UTC0:0 |
| Description | The economy lost jobs for the ninth consecutive month in September, with the pace accelerating to 159,000 jobs. This was the largest one-month fall since March of 2003 when the economy lost 212,000 jobs. The unemployment rate held steady at 6.1 percent, even though the employment population ratio (EPOP) inched down to 62.0 percent. These data, together with other recent reports, leave little doubt that the economy is in a recession.
Virtually all the news in the household survey was negative. The EPOP fell to 62.0 percent which is equal to the low point from the last downturn reached in September of 2003. Unemployment for men rose by 0.5 percentage points to 6.1 percent. The unemployment rate for black men jumped 1.6 percentage points to 11.9 percent, the highest rate since February of 1994.
The number of workers involuntarily working part-time jumped by another 300,000 in September and now stands more than 2 million above its low point in 2006. The U-6 index, which is a broad measure of labor market slack including underemployed and discouraged workers, hit 11.0 percent, the highest level since April of 1994. |
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