Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 24, 2008 7:35:10 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Recession Fears Mount as Jobs Drop Unexpectedly

Posted Feb 1, 08 9:27 AM CST in US,  Business 

(Newser) – Nonfarm payrolls declined 17,000 in January, the first monthly loss of US jobs since August 2003. The surprising loss—in manufacturing, construction, financials, and government—seems to vindicate aggressive action by the Fed, the Wall Street Journal reports. The number, which had been expected to climb by 75,000 jobs, raised both recession worries and hopes for yet another Fed rate cut.

Unemployment fell in January. A revision of December job growth from 18,000 to 82,000 may benefit consumer confidence, but November stats were revised downward to 60,000, nearly halving earlier figures. The January loss of 28,000 manufacturing jobs was the sector’s 19th straight decline, and a drop of 27,00 jobs was the construction industry’s seventh straight drop.

Source Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • US Lost 62K Jobs in June

    Jul 3, 08 8:23 AM CDT
    US Lost 62K Jobs in June US employers, battered by rising fuel prices and a stuttering economy, continued to cut payrolls in June, eliminating some 62,000 jobs. It was the sixth straight monthly drop, reports the Wall Street Journal, and nearly 13% more than economists expected. Payrolls have fallen 438,000 so far this year, an average of 73,000 jobs per month. Unemployment held at 5.5%, whereas experts expected a drop. More »

  • Jobless Rate Posts Biggest Jump in 22 Years

    Jun 6, 08 8:43 AM CDT
    Unemployment saw its biggest leap in two decades in May, spiking from 5.0% to 5.5%, as companies scale back their workforces in the face of recession, Bloomberg reports. Analysts had expected a more modest climb, to 5.1%; unemployment hasn’t been this high since October 2004. Payrolls also fell by 49,000. More »

  • US Drops 80,000 Jobs, Biggest Loss in 5 Years

    Apr 4, 08 8:00 AM CDT
    US Drops 80,000 Jobs, Biggest Loss in 5 Years Unemployment surged in March to 5.1%, the worst it’s been since September 2005, reports the Wall Street Journal. The country lost 80,000 non-farm jobs last month after dropping 76,000 jobs in both January and February. The third sharp drop fuels fears that the US has slipped into a recession and may prompt another interest rate cut by the Fed. More »

  • Most Economists Say Recession Is Here

    Mar 13, 08 5:00 PM CDT
    Most Economists Say Recession Is Here A cascade of bleak financial news has convinced most economists in a Wall Street Journal poll that the US is already in a recession. The results are markedly more negative than a similar survey only five weeks ago, and much of the foul mood can be traced to last week’s dismal employment report. “The evidence is now beyond a reasonable doubt,” said one. Of the 51 economists polled, 71% said recession had arrived. More »

  • US Sees Worst Decline in Jobs Since 2003

    Mar 7, 08 7:58 AM CST
    US Sees Worst Decline in Jobs Since 2003 The US lost 63,000 jobs in February, the second straight month payrolls contracted and the worst drop since 2003, catching economists off guard and fanning fears of recession anew, Bloomberg reports. Economists hoped the economy would add 23,000 jobs after declining a modest 17,000 in January, when the unemployment rate rose to 4.9%. More »

Kyle Loftis, website integration representative, works at his desk at PayPal, in La Vista, Neb., Thursday, March 8, 2007. (AP Photo/Nati Harnik)   (Associated Press)
Housekeeping employee Sandy Dillen makes a bed at the Nittany Lion Inn in State College, Pa., Friday, Nov. 2, 2007. (AP Photo/Carolyn Kaster)   (Associated Press)
Best Buy employee Brian Aymer stocks shelves at a Best Buy store in Springfield, Ill., Friday, March 2, 2007. (AP Photo/Seth Perlman)   (Associated Press)
Workers erect scaffolding in Albany, N.Y., Friday, Nov. 2, 2007. Employers added twice as many new jobs to their ranks than expected in October, an encouraging sign that the nation's employment climate...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow

Threads (1 of 1)

Tags

Federal Reserve  • unemployment  • manufacturing  • construction  • payrolls


Loading...

Loading...

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »