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Employment Is Still Falling09-02-09 | News

Employment Is Still Falling




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So far this year, 272,000 jobs in residential construction have been lost and from July 2008 to July 2009, 467,000 jobs in residential construction have been eliminated. - Courtesy of Nellis Air Force Base


The July employment report, and the elation over losing only 247,000 jobs nationally (at a seasonally adjusted annual rate), shows that we?EUR??,,????'???re still not on a road to normality. Yes, it was the smallest monthly job loss in almost a year and roughly a third of the jobs lost were in January, the worst monthly job loss during the current recession. But jobs were lost in July.

So far this year, 3.6 million jobs have disappeared and 5.7 million jobs were lost from July 2008 to July 2009. The seemingly positive news that the unemployment rate decreased from 9.5% in June to 9.4% was not due to more people being employed. It was because job seekers were becoming discouraged and dropping out of the job market.

Employment in residential construction fared no better. Residential construction employment fell 26,700 in July at a seasonally adjusted annual rate. Though that was certainly better than the 67,800 construction jobs lost in November 2008. These losses do not include those jobs lost in related industries ?EUR??,,????'??+ such as furniture and appliances ?EUR??,,????'??+ that are driven by home building. ?EUR??,,????'??? Courtesy National Association of Home Builders

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