Career and Job-Hunting Blog
Career and job-search news, trends, and scoops for job-seekers, compiled by the staff of Quintessential Careers.
|Career and Job-Hunting Blog Index|
|February 1, 2008|
Unemployment applications spike as U.S. has first decline in monthly job creation in almost five years, as economy sputters.
In two separate reports, the Labor Department first announced that the number of people applying for unemployment benefits increased by 69,000 to 375,000 — the highest level since October 2005.
In a second report, released this morning, the Labor Department announced that employers cut 17,000 jobs in January — the first monthly decline since August 2003. It was supposedly more shocking because some analysts had expected an increase of as much of 80,000 new jobs — but given all the news of layoffs and a weak economy, it’s amazing that anyone could have been predicting such high job growth.
Hardest hit industries were again both manufacturing and construction. Manufacturers cut 28,000 jobs in January — the 19th straight month of cuts — while the number of construction jobs dropped by 27,000 — bringing to a total of 284,000 lost jobs since employment peaked in September 2006.
Worried about your job security? You may not need to be, but you should not be ignoring the situation either. Read our latest article on the subject: Seven Strategies to Recession-Proof Your Career: Build Your Future Regardless of Health of the Economy.
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