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Job losses getting severe

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Today’s Wall Street Journal reports on the bad job data released by Bureau of Labor Statistics today. image

Executive Summary

The economy has shed 4.4 million jobs since the recession began in December 2007

Nonfarm payrolls, which are calculated by a survey of companies, fell 651,000

Unemployment rate rose from 7.6 to 8.1 percent

2.9 million people were unemployed more than six months

Average hourly earnings increased a modest $0.03, or 0.2%, to $18.47

Service-sector employment tumbled 375,000

Health care payrolls rose 26,900.

The government added 9,000 jobs.

The average workweek was unchanged at 33.3 hours

Hiring last month in goods-producing industries fell by 276,000

Construction employment was down 104,000

Here is the detailed original report from Bureau of Labor Statistics.

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Written by econjournal

March 6, 2009 at 9:23 pm

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