Unemployment continues to Grow in US as employment slumps

Lisbeth Latham

Figures released by the US Bureau of Labor on February 6 indicate that the US economy has continued to shed jobs during January as the US economy continued its decline. In the third consecutive month, more than half a million jobs being shed the US lost 598 000. January’s job losses take the total figure lost since December 2007 to 3.6 million, with 1.8 million shed since September 2008.

Jobs were again lost across all sectors of the US economy with the exceptions of health, education and government employment. The heaviest hit was manufacturing where total employment fell by 207 000, the largest monthly fall since October 1982. While 111 000 jobs were lost in construction and 121 000 in professional and business service.

Unemployment has continued to grow to 11.6 million and an unemployment rate of 7.6%, up from 11.2 million and 7.2% respectively. Over the past 12 months, total unemployment has increased by 4.6 million. While long-term-unemployment (over 12 months jobless) remained stable in January at 2.6 million it has increased by 1.3 million over the last 12 months.