Jobs Report Worse than Expected

From the Financial Times:

The US economy lost more than half a million jobs in January for the third month running, figures showed on Friday, marking the deepest cut in 34 years.

The number of jobs lost last month reached 598,000, while the unemployment rate – 4.4 per cent before the credit crisis – jumped to 7.6 per cent in January, its highest level since 1992.

Economists had expected non-farm payrolls to drop by 525,000 and the unemployment rate to rise to 7.5 per cent, up from 7.2 per cent the month before. The total number of job losses since the recession began in December 2007 has now reached 3.6m, with half of this decline occurring during the last three months, according to the Bureau of Labor Statistics.


15 Responses to “Jobs Report Worse than Expected”

  1. 1 O'King Kohl February 7, 2009 at 6:58 PM

    Well one of the worst thing about this stimulus bill is that it is increasingly continuing to go up in the amount of money used rather than down (we’ll be in debt forever). However, I still pretty sure that even if the bill did past that it would still take a while before it will take effect. Furthermore, many of the items within the bill do seem helpful for the economy at the current time but not long term like the different construction projects. I guess this stimulus bill will be some thing similar to the bill/programs that President Theodore Roosevelt made during the depression era. Hopeful it will have the same effect like some of the programs did for the economy by lowering the amount of unemployed in the country.

  2. 2 wordtown February 8, 2009 at 11:04 PM

    The unemployment is increasing every month since the past couple years. I think we as a country need to start thinking of ways that are going to create new jobs and help others out. Our country needs to stabilize itself again or else were all going to start paying the price. I don’t know exactly what we can do, but we need to start turning things around.

  3. 3 Claudio Ramirez February 9, 2009 at 12:06 PM

    I believe the stimulus package that the Federal Government has proposed will help stable the economy in the short-term but won’t help the country get out of debt, for the simple fact that the Stimulus Package continues to increase which is just going to put the National Debt that much deeper. The intentions are positive it what they want to do, and should focus more the reform of the edcuation systems and have a better emphazies on the situations of the taxpayers.

  4. 4 Annmarie Minite February 9, 2009 at 7:30 PM

    I am getting ready to graduate in May. I always imagined that I would be extremely excited to graduate and move on with my life, but with the current economic crisis I am finding myself less excited about starting my future post Saint Mary’s. I have watched friends lose jobs and witnessed first hand the pressure to lay off good employees due to budget cuts. It is all very scary as an emerging graduate. I am trying to stay positive just like everyone else! This crisis is truly affecting everyone in some way and I can only hope that it will improve sooner than later.

  5. 5 Andrew Curry February 9, 2009 at 9:13 PM

    I dont really agree with this Economic Stimulis act that some one has metioned before. We have looked over the bill in my Political Science class and a several things on this bill will create jobs in the next 5-10 years. we need something that will boost jobs now. Also in this bill are things that technically wont “stimulate” anything. I personally feel that out of the 814 Billion the purpose to spend on this bill that the money can be used more efficently to really stimulate our economy.

  6. 6 Kit T Kat February 10, 2009 at 5:13 PM

    The thought of people losing their jobs sucks especially if they live pay check to pay check, have a lot of bills and need financial assistance. This however is not bad news for people who didn’t enjoy working or didn’t need it. With people out of work, there is a possibility that they will need to survive off welfare or unemployment insurance. But even that is not sufficient, it’s like a supplement. The scary side is even with lack of work, they may not qualify for either. There are a lot of single adults who don’t work but go to college full time and can’t get food stamps because of that. Also unemployment benefits don’t give as much money as a person got from working. For example if a person made about $900 dollars a month from work, they will only get about 300 a month from UI benefits.

  7. 7 Arnulfo Solorio February 11, 2009 at 2:13 PM

    Hi all, yes it is getting even worse by the minute. I think we should at least start thinking positive hopping that more people follow the thought. Some people believe that it is like a wave on the ocean. The bad part of this is that this wave is negative so we need to turn it around. We all will be chanllenge this year with this bad economy. I think we need to watch our budget more carefully. I also think that we should cut our credit cards and only keep one for emergency. We also need to change our mentality when it comes to spending and ask ourselves three questions. Do I deserve it? Do I need it? Do I have the money? and make a wise decision and let’s us all wish ourselves a good luck.

  8. 8 NVC Storm February 11, 2009 at 7:34 PM

    I don’t understand how we could let our country get to this point in the first place, now we simply have to dig ourselves out. There has to be a solution to get new jobs for the people that recently got laid off because of the crisis we are in. I feel bad for the parents out there that got laid off and now have no way of supporting their children. It doesn’t seem fair for all those people, we need to find an answer to this depression we are having.

  9. 9 Samantha Arnold February 11, 2009 at 9:08 PM

    The stimulus package i think will help out tremendously. But I think that we need to start finding new jobs to help out those that have lost theirs. I also think this is when we need to come together and maybe some of those that make a lot of money should give up some of their salary and maybe can go to someone else that does not have a job or simply just not using that money and putting towards something else. I think what president Obama did but putting a hold on all those that make over 200,000 dollars in the white house can’t get raises he basically put a hold on their salarys and he says that it has to start with them that they have to set an example in these hard times.

  10. 10 janeth f. February 11, 2009 at 11:06 PM

    Im not surprised that the unemployment rate has risen. It’s obvious that it’s going to keep going down. With people out of jobs they aren’t going to be spending like they used to. So that will create more job losses and so on. I doubt the stimulus package will work. They’ve already tried that and it didn’t work. It could possibly help some families out but they aren’t going to be spending it. They’re going to save it until the economy recovers.

  11. 11 Gaby Corona February 12, 2009 at 8:34 PM

    Unemployment rates have been increasing for the last few months. Something has to be done to help improve this situation. As Obama has said in his latest speeches, he will start by creating more jobs for those who are unemployed. Construction is the main target, roads, bridges, public buildings, ect. I believe Obama will bring this country back and out of this economic crises, yet we all have to help and be patient because this situation wont be solved overnight.

  12. 12 Linda Villasenor February 15, 2009 at 3:02 PM

    It’s scary to think that we are heading towards a depression again. I still think that the government can do much more to fix this, by creating more jobs and by even helping the banks and businesses get out of debt. I know that by printing too much money it can cause an inflation, but people don’t have enough money to buy their food because all the food prices have been going up. I know that people are scared to purchase things or to go on vacations, I know my family isn’t buying things other than the necessary things. I think that if there was a way to get the people into buying more things our economy would get better.

  13. 13 bhumikad February 17, 2009 at 8:38 AM

    This unemployment rate is scaring me. I have doubt about what our future hold for us. is our higher education will payoff in this economy? or just more and more people will loose their job.The more dark side is till waiting.

  14. 14 nancy moussa March 8, 2009 at 3:47 PM

    Our econemy is heading downward right now. All our lives we have been told to go to college and get a good education so we can have a secure job. Now things are changing, I have lots of friends who are graduating from uc’s and are unable to find work. This is sad and scary for my age group. We are all going to have to work hard if we want to see a change.

  15. 15 woltmon March 16, 2009 at 4:00 PM

    It seems like everything I read about these days has to do with unemployment, and people loosing their jobs. Its reall sad to see all of the people who worked so hard lose their job, and thier income. Californias unemployment rate just keeps rising, I wonder what is being done about this?

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