Friday, September 05, 2003

This relates to what I posted immediately below:

U.S. employers cut jobs in August at the fastest pace since March, the government said in an unexpectedly grim report on Friday showing Americans are struggling to find jobs even as other areas of the economy are recovering.

The number of workers on U.S. payrolls outside the farm sector slid 93,000 in August, the seventh consecutive month of declines, after dropping 49,000 in July. The number was far worse than the increase of 12,000 expected by economists.

A recent string of better than expected data on retail sales, durable goods, consumer sentiment and housing had led economists to believe the tough labor market might be starting to improve....

The economy shed jobs in a wide range of sectors. Manufacturing jobs fell 44,000, the 37th straight month of decline while service jobs tumbled 67,000....


--Reuters

What's unexpected about this? Employers have us where they want us -- working harder because we're afraid not to. They don't need to hire more of us.

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